Loonie Continues To Weaken

 | Aug 01, 2014 06:58AM ET

USDCAD bullish tone

  • A rally and stall Thursday, but as we stated in our last report to our clients “corrective setbacks should look to hold above 1.0845, with a better support at 1.0795”.
  • Whilst above even the higher level, we see early August bullish pressures intact from the push straight through 1.0890 that saw a bullish shift.
  • We still aim higher and see upside risk to chart targets at 1.0960, 1.1005 and 1.1055.

WHAT CHANGES THIS?

  • Below 1.0845 eases bull risks; through 1.0795 signals a neutral tone, only shifting negative below 1.0700.