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.
WHAT CHANGES THIS?
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