Yet another new recovery high to start the week, completely rejecting the dip through minor support last week to reinforce bullish pressures.
The Monday probe above the 61.8% retrace of the entire 2009-11 sell off at 1.1655 maintains upside risks from the strong bull rally from early December.
Short-term Outlook - Upside Risks
Threat is now to a key weekly failure peak from 2009 at 1.1727.
Overshoot threat through year-end id to a minor weekly target from 2010 at 1.1817 and maybe even the psychological/ option target at 1.2000.
Momentum: The 8-day RSI, short-term momentum is positive, slightly OB (confirming new highs), but still has scope to go still higher this week.
What Changes This? Below 1.1394 eases bull risks; through 1.1313 signals a neutral tone, quickly shifting negative below 1.1192.
For Today:
We see an upside bias through 1.1685, risk to 1.1727.
But below 1.1600 aims for 1.1547.
4 Hour USDCAD Chart
Weekly USDCAD Chart
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