USDCAD - little reaction to sell-off, signals remain bearish
​Unsurprisingly after Wednesday's decline of more than 2.5 big figures, trading in USDCAD was muted yesterday. In fact price action was caught within a range of virtually 50-pips and tightly within the preceding day's parameters and with limited net movement. Despite the negative backdrop immediate signals for sentiment are therefore not strong but it is the lack of positive reaction that is expected to impact on price action. Therefore, with caution, this morning's call is a Sell but leaving room to Sell any Rally to 1.2762. The risk is 1.2792 with an immediate target of 1.2707. A move through that point then exposes sentiment to this week's 1.2680 base then 1.2655, the June 2016 low.
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