Daily USDCAD - weak rallies follow Keltner Channel lower
​ The market failed to extend Tuesday’s rejection of new 14 month lows. Although Asia did see some upside this was not maintained and sellers returned in Asia. USDCAD then retested the previous day’s low. Although that point was not breached, weak rallies continue to emphasise the underlying bias and we look for the currency pair to continue to track the Keltner channel down. Therefore, this morning’s call is a Sell but leaving room to Sell any Rally to 1.2653, yesterday's top. The risk is 1.2681 with an immediate target of 1.2591, Asian low. A move through that point then exposes sentiment to 1.2555 and 1.2522.
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