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28 Jan 2014
USD/CAD extends the upside to 1.1150
FXstreet.com (Edinburgh) - The upbeat momentum in the USD is translating into a continuation of the ascent in the USD/CAD, flirting with the 1.1140 level ahead of the US docket.
USD/CAD on its way to new multi-year peaks?
Momentum for another challenge to multi-year highs posted last week around 1.1170 seems to be building up amongst traders, ahead of today key US data from Durable Goods Ordes and tomorrow’s more relevant FOMC meeting. It is worth noting that market consensus would be anticipating a $10 billion taper, adding legs to the current USD rally. “ Intraday gains through 1.1125/30 might give the market a shot at testing 1.12. We remain bullish in a broader sense too”, observed Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to watch
The pair is now up 0.30% at 1.1147 with the next resistance at 1.1174 (2014 high Jan.24) ahead of 1.1200 (psychological level) and finally 1.1226 (high Jul.16 2009). On the downside, a break below 1.1052 (low Jan.24) would aim for1.0942 (low Jan.21) and then 1.0930 (low Jan.20).
USD/CAD on its way to new multi-year peaks?
Momentum for another challenge to multi-year highs posted last week around 1.1170 seems to be building up amongst traders, ahead of today key US data from Durable Goods Ordes and tomorrow’s more relevant FOMC meeting. It is worth noting that market consensus would be anticipating a $10 billion taper, adding legs to the current USD rally. “ Intraday gains through 1.1125/30 might give the market a shot at testing 1.12. We remain bullish in a broader sense too”, observed Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD levels to watch
The pair is now up 0.30% at 1.1147 with the next resistance at 1.1174 (2014 high Jan.24) ahead of 1.1200 (psychological level) and finally 1.1226 (high Jul.16 2009). On the downside, a break below 1.1052 (low Jan.24) would aim for1.0942 (low Jan.21) and then 1.0930 (low Jan.20).