USD/CAD Threat Of A More Bearish Shift
Steve Miley | Oct 29, 2014 03:28AM ET
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.
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