USD/CAD Bull Bias Through 1.1403
Steve Miley | Nov 23, 2014 02:55AM ET
USDCAD bull trend looking to re-energize
- We have stated in recent reports to our clients that “we continue to see better support on a dip to 1.1266/62” and “whilst above here, we see bias for a bounce to the setback range late this week, for 1.1403 and maybe 1.1450”.
- The push close to 1.1403 leaves risk through here today and through mid-month we see upside risk above here and the recent cycle peak at 1.1468 to a Fibo extension level at 1.1495/ psychological 1.1500.
- November overshoot threat is to 1.1655, the 61.8% retrace of the entire 2009-2011 bear market.
WHAT CHANGES THIS?
- Below 1.1262 signals a neutral tone, only shifting negative below 1.1160.
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