USDCAD Neutral – Consolidates within a 2-month rising channel
USDCAD 1.3267 – Neutral – Consolidates within a 2-month rising channel
USDCAD pulled back off the 1.3456 multi-year high (September 29, 2015) following completion of a 2-month rising channel (linking July 29 low/August 25 high, 2015). Near term supports are 1.3174 (September 21, 2015 low) then 1.3116 (August 31/September 1, 2015 lows) where a swing low remains favored ahead of the next upleg towards 1.3331 (October 1, 2015 high). However, a break below the 1.3116 area would suggest a deeper setback towards 1.3072 (September 17, 2015 low) near the channel lower bounds.
Outlook:
Intraday: neutral
Daily: bullish
Weekly: bullish
USDCAD pulled back off the 1.3456 multi-year high (September 29, 2015) following completion of a 2-month rising channel (linking July 29 low/August 25 high, 2015). Near term supports are 1.3174 (September 21, 2015 low) then 1.3116 (August 31/September 1, 2015 lows) where a swing low remains favored ahead of the next upleg towards 1.3331 (October 1, 2015 high). However, a break below the 1.3116 area would suggest a deeper setback towards 1.3072 (September 17, 2015 low) near the channel lower bounds.
Outlook:
Intraday: neutral
Daily: bullish
Weekly: bullish
