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USDCAD Negative Bias within the Broader Range

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USDCAD Negative Bias within the Broader Range

USDCAD skewed risk lower, through 1.0885 for 1.0840

·         An erratic range tone Tuesday, capped last week by chart/ retrace barrier at 1.0960 but holding minor support sat 1.0885 to maintain a very neutral tone.

·         The prior push above 1.0945 produced a shift to a non-trend theme, with the broader range defined by 1.0813 below and 1.1055 above.

·         Below 1.0885 would see a more defensive range bias; only above 1.0960 sets a more constructive theme.

·         We see midweek risk lower, through 1.0885.


·         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.

Please see full report with levels and latest screencast here:



4 Hour USDCAD Chart


Daily USDCAD Chart


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Tagged in: Bear Bias Forex FX 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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