Latest USD CAD Analysis and ForecastUpdated October 14th, 2021
Plunge lower, renewing bear forces
Day trade update and view
A plunge lower Thursday through 1.2427, 1.2418 and just through 1.2357 support to 1.2352, after this week's low-level consolidation, re-energising bear pressures from plunge lower through supports at 1.2490/85/70 and previously through key 1.2590/78/64 supports (for an intermediate-term bear shift), leaving the the risk lower for Friday.
Day trade setup
- We see a downside bias for 1.2352 and 1.2298; a break here maybe aims for 1.2248 and 1.2220.
- But above 1.2438 opens risk up to 1.2498 and possibly towards 1.2565.
The push early October push below key 1.2590/78/64 supports signalled an intermediate-term shift to a bear trend.
- Downside risks: We see an intermediate-term bear trend to aim for 1.2418, 1.2298/48 and 1.2002.
- What changes this? Above 1.2775 shifts the intermediate-term bear trend straight to an intermediate-term bull trend.
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