DAILY FORECAST FOR USDCAD

Bias: While 1.1350 supports I feel this rally can challenge the 1.1431-48 area – maybe even 1.1481

Friday’s gains didn’t manage to break out of the range seen in the last few days of last week. However, the start today has seen breach and thus we should now see stronger gains. However, I am a little mixed on what we are seeing since the structure appears more bullish than previously expected. In this current move I see potential to the 1.1431-48 area and possibly 1.1481.I feel there is a risk of a correction from here. Thus any stronger bullish stance will require a move above 1.1481 and if seen this should extend gains through to the next resistance at 1.1523-65. Also take care here – probably this will be more than enough for today. However, note next resistance at 1.1638

Please view the complete analysis in the attached PDF file.

For a full description of how to use the analysis please see the Analysis page of my website. The prior day’s set ups for potential trading levels highlighted in the report are now available on the Daily Forecast page of my web site.

I shall be presenting a seminar in Hong Kong on this coming Saturday 27th June at the Excelsior Hotel in Causeway Bay. Please see http://www.earlthorn.com/ for details.

Kind regards

Ian

The Brief Daily Forecaster.pdf