Back
20 Mar 2014
USD/CAD in highs near 1.1280
FXStreet (Edinburgh) - The USD rally relentlessly continues on Thursday, pushing the USD/CAD to multi-year highs near 1.1280.
USD/CAD largely benefited from FOMC
The pair found in yesterday’s hawkish FOMC statement the much-needed strength to overcome the (previous) tough resistance band around the 1.1200 handle, climbing to levels shy of 1.1280 to post fresh tops since 2009. “Technically, we think the story building this week is compellingly and unequivocally USD-bullish. The sort-term charts target 1.1350 after the push trough short-term bull break out resistance at 1.1145/50 yesterday”, observed Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to consider
At the moment the pair is advancing 0.33% at 1.1276 with the next resistance at the psychological mark at 1.1300 followed by 1.1400 (high Jul.14 2009) and then 1.1669 (61.8% of 1.3066-0.9407). On the downside, a break below 1.1236 (low Mar.20) would target 1.1122 (low Mar.19) and finally 1.1045 (daily cloud top).
USD/CAD largely benefited from FOMC
The pair found in yesterday’s hawkish FOMC statement the much-needed strength to overcome the (previous) tough resistance band around the 1.1200 handle, climbing to levels shy of 1.1280 to post fresh tops since 2009. “Technically, we think the story building this week is compellingly and unequivocally USD-bullish. The sort-term charts target 1.1350 after the push trough short-term bull break out resistance at 1.1145/50 yesterday”, observed Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to consider
At the moment the pair is advancing 0.33% at 1.1276 with the next resistance at the psychological mark at 1.1300 followed by 1.1400 (high Jul.14 2009) and then 1.1669 (61.8% of 1.3066-0.9407). On the downside, a break below 1.1236 (low Mar.20) would target 1.1122 (low Mar.19) and finally 1.1045 (daily cloud top).