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USDCAD Poised into BoC

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USDCAD Poised into BoC

A Tuesday plunge through support at 1.2506/02 to ease the bullish tone for a neutral bias into midweek.

Although we see consolidation in the very near term, the robust, bullish outside pattern last week from strong foundations from February in the 1.2385/61/52 chart support area, maintains upside risks.

For Today: We see a neutral tone between 1.2444 and 1.2604 (with a positive bias).

Break above 1.2604 targets 1.2667, which we would look to try to cap.

Break below 1.2444 aims for the 1.2385/61/52 chart support area, which we would again look to try to hold.

Short-term Outlook - Upside Risks 

Looking for a further bounce higher to the setback range.

Then a push above the new cycle peak at 1.2835.

The April threat is to 1.3000, psychological/option target and even the 2009 cycle high at 1.3063.

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

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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