2 Jul 2013
USD/CAD in highs around 1.0580
Fxstreet.com (Edinburgh) - The USD is quickly picking up pace on Tuesday, lifting the USD/CAD to the area of 1.0580, levels last seen in early October 2011.
USD/CAD upside hinging on the greenback
The bullish momentum in the US dollar keeps pushing the pair higher, testing fresh year-and-half highs in the vicinity of 1.0580. “Despite the limited range, price action still looks more bullish overall, with the potential makings of a bull flag of head & shoulders continuation pattern on the short-term charts. 1.0550 is the key resistance (and neckline of the H&S—a break of which would target another big figure higher) to watch, while 1.0415/20 is key short-term support”, commented G.Moore and S.Osborne, FX Strategists at TD Securities.
USD/CAD levels to consider
The pair is now advancing 0.69% at 1.0569 with the next hurdle at 1.0573 (high Oct.5 2011) followed by the psychological level at 1.0600. On the downside, a break below 1.0496 (low Jul.2) would bring 1.0487 (low Jul.1) and finally 1.0465 (MA10d). According to analysts at Autochartist, there is an emerging pattern of an upside triangle in the 15-min charts, pointing to a continuation of the upside.
USD/CAD upside hinging on the greenback
The bullish momentum in the US dollar keeps pushing the pair higher, testing fresh year-and-half highs in the vicinity of 1.0580. “Despite the limited range, price action still looks more bullish overall, with the potential makings of a bull flag of head & shoulders continuation pattern on the short-term charts. 1.0550 is the key resistance (and neckline of the H&S—a break of which would target another big figure higher) to watch, while 1.0415/20 is key short-term support”, commented G.Moore and S.Osborne, FX Strategists at TD Securities.
USD/CAD levels to consider
The pair is now advancing 0.69% at 1.0569 with the next hurdle at 1.0573 (high Oct.5 2011) followed by the psychological level at 1.0600. On the downside, a break below 1.0496 (low Jul.2) would bring 1.0487 (low Jul.1) and finally 1.0465 (MA10d). According to analysts at Autochartist, there is an emerging pattern of an upside triangle in the 15-min charts, pointing to a continuation of the upside.