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USD/CAD rises to 4-month highs

FXStreet (Córdoba) - Greenback has been rising against the loonie since the beginning of the day and recently reached the highest price since April 25. USD/CAD started Thursday trading around 1.0935 and moved slowly but always to the upside.

The pair rose back above 1.1000, made a pause around 1.1020 and recently broke above and climbed to 1.1043 (daily high). Currently trades at 1.1033/36, up 0.90% for the day so far.

USD/CAD outlook “messy”

According to the Rates, FX and Commodities Research Team at TD Securities the pair is starting to look messy on the long term charts. “Price action this week—Monday’s rally, Tuesday stall and yesterday’s sell-off—should signal a major top in place at 1.1025/30 via an “evening star” reversal. But the USD has come back well bid this morning and is making new cycle highs.”

“With trend momentum positive and the market apparently brushing off bearish price action with some ease, upside risks are growing again”, the TD Securities Team mentioned.

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