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USDCAD Poised for Breakout into #FOMC

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USDCAD Poised for Breakout into #FOMC

Still a cautious and hesitant tone into Wednesday (as we had flagged) to reinforce the broader range environment that we see extending into June.

The bounce last week from just below 1.2200 (from 1.2198) after the mini Double Top through 1.2366 maintains the non-trend environment.

For Today: We see a neutral tone between 1.2360 and 1.2249.

Break above 1.2360 aims for 1.2442, which we would look to try to cap.

Break below 1.2249 aims for 1.2198, which we would look to try to hold.

Short/ Intermediate-term Range Parameters: We see the broader range defined by 1.2667 and 1.2166.

Range Breakout Challenge

Upside: Above 1.2667 aims higher for 1.2835 and 1.3000/1.3062.

Downside: Below 1.2166 sees risk lower for 1.1915 and 1.1803.

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

2 Hour USDCAD Chart 


Daily 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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