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5 Dec 2014
USD/CAD bull bias aims for 1.1460/68 – MarketChartist
FXStreet (Barcelona) - Steve Miley of MarketChartist, sees bull pressures re-energizing for the USD/CAD pair, targeting 1.1655 levels through year-end.
Key Quotes
“The strong bull rally to end November has stalled at the cycle high at 1.1468, but has produced a bullish shift for upside risk into mid-December. Erratic consolidation has dominated much of this week, but the rebound from 1.1313, significantly above notable support at 1.1223 sees bull pressures re-energizing.”
“We still see early December risk higher for 1.1468.”
“Above the cycle high at 1.1468 then targets 1.1500, 1.1543 and maybe into year-end up to the 61.8% retrace of the entire 2009-11 sell off at 1.1655.”
“Overshoot threat is then a key weekly failure peak from 2009 at 1.1727.”
“Momentum: The 8-day RSI, short-term momentum is again positive, but not OB, leaving scope to go still higher this week.”
Key Quotes
“The strong bull rally to end November has stalled at the cycle high at 1.1468, but has produced a bullish shift for upside risk into mid-December. Erratic consolidation has dominated much of this week, but the rebound from 1.1313, significantly above notable support at 1.1223 sees bull pressures re-energizing.”
“We still see early December risk higher for 1.1468.”
“Above the cycle high at 1.1468 then targets 1.1500, 1.1543 and maybe into year-end up to the 61.8% retrace of the entire 2009-11 sell off at 1.1655.”
“Overshoot threat is then a key weekly failure peak from 2009 at 1.1727.”
“Momentum: The 8-day RSI, short-term momentum is again positive, but not OB, leaving scope to go still higher this week.”