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USDCAD Basing, Range Rebound Bias

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USDCAD Basing, Range Rebound Bias

A resilient tone through Tuesday with a base forming, with the Friday plunge lower holding above key supports from March at 1.2407/06 and stronger foundations below from February in the 1.2385/61/52 chart support area.

We see a rebound bias this week, into the broader range into early April, to maintain bigger picture upside pressures from the new cycle high posted in mid-March.

For Today:

We see an upside bias for 1.2565/76; break here aims for maybe 1.2650/56, which we would look to try to cap.

But below 1.2451 aims through 1.2430 for 1.2407/06, which we would look to try to hold.

A taster of the report above. To view the full USDCAD report with screencasts, levels and more, click here

Remember, for a FREE trial of our FX and all other reports, sign up by clicking here

4 Hour USDCAD Chart



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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.



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