SPOT USDCAD - most bearish day in August keeps signals pointing lower

Yesterday's call was a neutral one despite a background of 2 up days. That caution proved correct as the lower end of our parameters broke with the subsequent decline confirming a strong change in investor sentiment. This decline was the most negative performance of the month and took USDCAD back to the 13 day mvg avg. That point held but although that introduces a note of caution, intraday studies are left bearish. Therefore, this morning’s call is a modest Sell from the open but leaving room to Sell any Rally to 1.2649. The risk is 1.2688, yesterday's Marabuzo line, with an immediate target of 1.2587, Aug 4th open. A move through that point then exposes sentiment to 1.2556, that day’s low, or even 1.2531.