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USD/CAD Threat Of A More Bearish Shift

Published 10/29/2014, 03:28 AM
Updated 12/12/2023, 05:55 AM

USDCAD defensive range tone, but risk of a bear swing

We have retained a negative outlook into this week and stated in our last report that “for Tuesday, we again see a cap at 1.1296/98, likely 1.1265/70 and a negative bias for chart supports at 1.1185/84 and maybe to 1.1159”.

The break below 1.1185/84 leaves risk through 1.1159 through midweek within the late October range theme between 1.1298 and 1.1125, neckline support.
The growing threat for late October is to test the neckline and for a more bearish shift.

WHAT CHANGES THIS?

Downside: Below 1.1125 sees risk lower for 1.1080/70 and 1.1053.

Upside: Above 1.1298 aims higher for 1.1362/86 and 1.1435.

Download our full report with latest screencast and levels here:

2 Hour USD/CAD Chart

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