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USD/CAD headed for 1.0990?

FXStreet (Barcelona) - USD/CAD is trading at 1.0920, up 0.46% on the day, having posted a daily high at 1.0937 and low at 1.0867.

With a series of leg ups, USD/CAD has accomplished the 1.09 handle and looks set to maintain a bullish period over the course of the week, supported by a continued rebound in the US economy while divergence is supporting the greenback. Analysts at TD Securities explained that with spot back above the 200-day MA, near-term prospects look a little more positive and support the impression of near-term upside risks for the market. “However, we can’t ignore the fact that last week saw some very negative price signals overall (bearish weekly outside range) so we have to expect strong resistance at 1.0990/00 to cap near term”.

USD/CAD hourly levels

Spot is presently trading at 1.0921, and next resistance can be seen at 1.0937 (Daily High), 1.0952, 1.0981/90 (Weekly Classic R1), 1.1085 (Weekly Classic R2). Support below can be found at 1.0912 (Hourly 200 SMA), 1.0909 (Daily Classic R3), 1.0904 (Hourly 20 EMA), 1.0898 (Daily 20 SMA) and 1.0896 (Weekly Classic PP).

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