9 Mar 2015
USD/CAD set to break higher towards 1.3050/66 – Danske
FXStreet (Barcelona) - Thomas Harr, Global Head of FICC Research at Danske Bank, gives the technical outlook for USD/CAD, noting that the pair is set to break higher for gains to 1.3050/66.
Key Quotes
“A rise above immediate pivotal resistance at 1.2565, the 2 March high, will firm a challenge on the late February 2015 peak at 1.2662. A break here will then confirm that a multi-week continuation is complete, signalling the start of the next phase higher.”
“Just above 1.2662 lies the 11 February peak at 1.2697. This point shields the 15 January multiyear high at 1.2800. Anticipated clearance here will then put the focus on the psychological 1.3000 barrier.”
“Just beyond here rests the major 2009 cycle high at 1.3066 which coincides with the projection from the continuation.”
“A solid higher platform has now developed between 1.2353-1.2388, and only a loss here would cause concern, possibly indicating a corrective phase towards the 21 January 2015 higher low at 1.2062.”
Key Quotes
“A rise above immediate pivotal resistance at 1.2565, the 2 March high, will firm a challenge on the late February 2015 peak at 1.2662. A break here will then confirm that a multi-week continuation is complete, signalling the start of the next phase higher.”
“Just above 1.2662 lies the 11 February peak at 1.2697. This point shields the 15 January multiyear high at 1.2800. Anticipated clearance here will then put the focus on the psychological 1.3000 barrier.”
“Just beyond here rests the major 2009 cycle high at 1.3066 which coincides with the projection from the continuation.”
“A solid higher platform has now developed between 1.2353-1.2388, and only a loss here would cause concern, possibly indicating a corrective phase towards the 21 January 2015 higher low at 1.2062.”