USDCAD Threat of a More Bearish Shift through Neckline, now 1.1125

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.

Download our full report with latest screencast & levels here: http://members.marketchartist.com/Daily/USDCAD.pdf

2 Hour USDCAD Chart[/caption]