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Employment Data Focus: USDCAD Poised for a Signal

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Employment Data Focus: USDCAD Poised for a Signal

USDCAD breakout parameters: narrow 1.0960 & 1.0885; broad 1.1055 & 1.0813

  • A stall at the chart/retrace barrier at 1.0960 on Thursday after the push above 1.0945 for a Double Bottom that signalled a switch to a range theme.

  • We see the market poised within the broader range, defined by 1.0813 below and 1.1055 on the topside.

  • This US and Canadian Employment data on Friday will obviously be key; above 1.0960 will likely favour a bullish shift triggered through 1.1005; below 1.0885 would aim for the 1.0813 low and a more bearish tone.


  • Upside: Above 1.1055 is needed for a bull shift to target 1.1080 and 1.1170/75.

  • Downside: Below 1.0813 point to more significant bearish pressures to aim for the 1.0735/30 chart/ retrace area.

Daily USDCAD Chart


4 Hour USDCAD Chart


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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.

He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).

Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.

Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.



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