- A modest setback, but still holding above the recent setback low and more notably whilst a firm pivot foundation at 1.0285/80 in intact, we see risk of resilient consolidation and upside pressures resurfacing later this week.
- A further bounce to the setback range would target 1.0470/75, but the threat for July remains for extension up to a key resistance target at 1.0657, the 2011 secular high.
- The eight-day RSI has corrected from OB to closer to OS over the past two weeks, while leaving support intact, which leave scope for a re-energizing of upside pressures. WHAT CHANGES THIS?
Below 1.0325 eases bull risks through 1.0280 signals a more neutral tone.
USD/CAD: Daily" width="602" height="449">
Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.