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USD/CAD extends gains to 1.1080

FXStreet (Edinburgh) - USD/CAD is extending its march north at the end of the week, prolonging yesterday’s break above the 1.1000 handle.

USD/CAD in multi-month peaks

Spot managed to return to the upper 1.10s, levels last seen in late March, bolstered by the ongoing USD strength. It has also broken above the consolidation pattern around the 1.0900 mark seen in the last weeks, now pointing to a test of the interim resistance at 1.1100. In the view of Shaun Osborne, Chief FX Strategist at TD Securities, “we can again see some early risks of a push lower developing via the short-term price action which indicates better selling pressure emerging in the mid/upper 1.10s overnight. Hourly charts suggest that the intraday high may be in already, in fact. Look for a drop back to the upper 1.09s”.

USD/CAD relevant levels

The pair is now advancing 0.60% at 1.1002 with the next resistance at 1.1078 (high Mar.28) ahead of 1.1100 (psychological level) and finally 1.1106 (high Mar.27). On the downside, a break below 1.0947 (Tenkan Sen) would aim for 1.0943 (10-d MA) and then 1.0934 (low Sep.10).

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