A dip back lower into the range as expected on Tuesday as we repeat our stated view to our clients that "we still see a negative range theme into late November whilst capped by 1.1328".
Erosion last week below the 1.1266/62 area, alongside the bearish outside Thursday pattern back from trend line resistance (now 1.3325) leaves the range bias lower.
Range Parameters: We now see the range defined by 1.1403 and the neckline at 1.1180.
Range Breakout Challenge - Downside: Below 1.1180 sees risk lower for 1.1080 and 1.1053. Upside: Above 1.1403 aims higher for 1.1450 and 1.1468.
For Today: We see a downside bias for 1.1233; break here aims for and 1.1192 and maybe the key 1.1180. Only above 1.1317/25/28 opens risk up to 1.1371.
2 Hour USDCAD Chart
Daily USDCAD Chart
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