Steve Miley is - The Market Chartist

Financial Market Technical Chart Blogs from Steve Miley - The Market Chartist

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Tags
    Tags Displays a list of tags that have been used in the blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Team Blogs
    Team Blogs Find your favorite team blogs here.
  • Login
    Login Login form

USDCAD Aims Through Key Weekly Peak from 2009 at 1.2507

Posted by on in FX Chart Updates
  • Font size: Larger Smaller
  • Hits: 1378
  • Print
USDCAD Aims Through Key Weekly Peak from 2009 at 1.2507

A probe higher to another new recovery high Monday, then only a modest dip lower, maintains bullish pressures for this week.

The aggressive Wednesday surge higher  to reinforce our bull view, having overcome our next key target at the 78.6% retrace of the entire 2009-11 sell off at 1.2280

This has reinforced the prior break through a key impulse low from 2009 at 1.1981 and the psychological/ option target at 1.2000.

Short-term Outlook - Upside Risks

  • We see upside risk for latter January to a key weekly peak from 2009 at 1.2507.
  • January overshoot risk is now to the weekly high at 1.2715.
  • The Q1 threat is for 1.3000, psychological/option target and even the 2009 cycle high at 1.3063.

Momentum: The 8-day RSI, short-term momentum is OB, but we see scope to go higher this week. Momentum has confirmed the new high.

What Changes This? Below 1.1933 eases bull risks; through 1.1803 signals a neutral tone, quickly shifting negative below 1.1730.  

For Today:

  • We see an upside bias through 1.2495; break here aims quickly for 1.2507 and above to 1.2570/76.
  • But below 1.2405 opens risk down to 1.2360, which we look to hold.


Remember, for a FREE trial of our FX and all other reports sign up by clicking here
And to view the full USDCAD report with screencasts, click here

Weekly USDCAD Chart


4 Hour USDCAD Chart


Last modified on
Rate this blog entry:
Tagged in: CAD Forex FX Loonie USDCAD

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.



  • affiliatelogos.png



  • users1.png
  • users2.png
  • users3.png
  • users4.png