USDCAD Thursday June 12 – Intraday Forecast

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CADTHU

USDCAD broke in term support of a descending triangle early on Thursday morning, offering up a technically bearish bias as the day matures. A failed retest of this level as resistance compound this bias, so look for short entries at temporary upside corrections with risk management parameters defined by support/resistance at 1.0865. Bear in mind that the upcoming US retail sales and employment data could inject considerable volatility into the pair as the markets open, so be prepared to switch the bias on better-than-expected US figures. A close above 1.0865 would validate such a reversal. Downside target 1.0850, bias reversal target 1.0874.