The EURCAD weekly opening range has taken shape just below the monthly central pivot at 1.4183 with the range lows coming in just pips of the September 19th close (2014 lows) at 1.4053. The focus will be on a break of this range with major event risk out of Europe tomorrow likely to serve as a catalyst. Bottom line: the downside bias remains vulnerable here - we’ll favor buying dips while above the 1.4053 threshold with a breach above the weekly opening range high’s offering further conviction on long-scalp exposure. A break sub-1.4053 invalidates our near-term outlook with a move below the yearly lows at 1.4012 ... (full story)