Steve Miley, MSTA
MarketChartist
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
THERE IS SUBSTANTIAL RISK OF LOSS IN TRADING FUTURES, OPTIONS AND FX PRODUCTS. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE
Recommended Content
Editors’ Picks
AUD/USD favours extra retracements in the short term
AUD/USD kept the negative stance well in place and briefly broke below the key 0.6400 support to clinch a new low for the year on the back of the strong dollar and mixed results from the Chinese docket.
EUR/USD now shifts its attention to 1.0500
The ongoing upward momentum of the Greenback prompted EUR/USD to lose more ground, hitting new lows for 2024 around 1.0600, driven by the significant divergence in monetary policy between the Fed and the ECB.
Gold aiming to re-conquer the $2,400 level
Gold stages a correction on Tuesday and fluctuates in negative territory near $2,370 following Monday's upsurge. The benchmark 10-year US Treasury bond yield continues to push higher above 4.6% and makes it difficult for XAU/USD to gain traction.
Bitcoin price defends $60K as whales hold onto their BTC despite market dip
Bitcoin (BTC) price still has traders and investors at the edge of their seats as it slides further away from its all-time high (ATH) of $73,777. Some call it a shakeout meant to dispel the weak hands, while others see it as a buying opportunity.
Friday's Silver selloff may have actually been great news for silver bulls!
Silver endured a significant selloff last Friday. Was this another step forward in the bull market? This may seem counterintuitive, but GoldMoney founder James Turk thinks it was a positive sign for silver bulls.