Steve Miley, MSTA
MarketChartist
USDCAD bullish extension theme
We have remained bullish into mid-month, but had looked for a brief consolidation theme before bullish pressures resurfaced. Wrong!!
Better support at 1.0885/75 has held, even ahead of here at 1.0933, to re-energize the previous surge above the 1.1000/05 area.
We still see risk as higher to already hit 1.1055 and aims for 1.1080 target, likely Friday
Through mid-September, the bias is still higher for 1.1155/70 and maybe even the secular high at 1.1280.
WHAT CHANGES THIS?
- Below 1.0933 eases bull risks; through 1.0885/75 signals a neutral tone, only shifting negative below 1.0811.
4 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
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