USD/CAD Bear Bias Resurfacing For 1.0835 And 1.0813 Next
Steve Miley | May 15, 2014 03:34AM ET
USD/CAD aims for 1.0813 low and a more bearish theme again.
Beginning to roll lower, as we had expected, still capped as we have flagged since Monday by 1.0930/35 and 1.0955/60 resistance to leave mid-May negative pressures for 1.0835 & 1.0813 next.
The prior surrender of the 1.0855 low reinforced the bigger picture negative view from the April plunge through key support at 1.0910/00.
We still see more significant bearish pressures to aim for the 1.0735/30 chart/ retrace area through mid-May and potentially lower for overshoot risk to 1.0610/ 1.0560 retrace/ chart/ trend line targets this month.
WHAT CHANGES THIS?
Above 1.0960 eases bear risks; through 1.1010 signals a neutral tone, only shifting positive above 1.1055.
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