Steve Miley, MSTA
MarketChartist
USDCAD negative tone and support threats
A defensive bias after extremely erratic price activity through midweek, but still capped by 1.1296/98 resistance to again push through 1.1215/09 support to reinforce the negative bias within a range environment.
This still see a range theme into late October, between 1.1298 and 1.1115, neckline support.
For Friday, we see a cap at 1.1296/98 and a negative bias in the range, lower for chart supports at 1.1185/84 and maybe below to 1.1159.
The skewed risk for late October is to test 1.1115
WHAT CHANGES THIS?
Downside: Below 1.1115 sees risk lower for 1.1080/70 and 1.1053.
Upside: Above 1.1298 aims higher for 1.1362/86 and 1.1435.
2 Hour 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
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