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USD/CAD forming a peak sub 1.12 handle

FXStreet (Guatemala) - USD/CAD is trading at 1.1151, up 0.03% on the day, having posted a daily high at 1.1180 and low at 1.1130.

USD/CAD has been hi on 1.180 by supply that has taken the pair back test the downside in 1.1140’s which may give to the support formed 1.1120 towards the end of last weeks trading while analysts at TD Securities explained that USD/CAD’s daily technical picture looks potentially toppish in the short-term. “Price action so far today suggests that the market is reluctant to push on through the high 1.11s top of the channel in place since July with price action forming a potential “doji” candle (stalling signal) today. A stall and sharp turn lower tomorrow should signal a short-term peak”.

USD/CAD noteworthy levels

With spot trading at 1.1152, we can see next resistance ahead at 1.1152 (Hourly 20 EMA), 1.1157, 1.1170, 1.1180 and 1.1182 (Daily Classic R1). Support below can be found at 1.1148 (Monthly High), 1.1148, 1.1136 (Daily Classic PP), 1.1130 (Daily Low) and 1.1104 (Hourly 100 SMA).

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