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USD/CAD: A fraction away from March highs

FXStreet (Barcelona) - USD/CAD is trading at 1.1257, up 0.90% on the day, having posted a daily high at 1.1272 and low at 1.1153.

USD/CAD has come together nicely on the bid and up to the March highs seen earlier this year on the back of the greenbacks form post Non farm payrolls excitement. Analysts at TD Securities explained that with no real dip developing this week—and the market trading strongly off the
intraday low yesterday—the move up in USD/CAD risks accelerating from here, especially if USD/CAD reaches a new cycle high. “Broadly, we remain USD bullish; mid-year price action strongly suggests the multi-month USD/CAD rally is back on track after the Q2 consolidation. We think the technical picture calls for a broader move up to the 1.17/1.18 area though mid 2015”.

USD/CAD levels

With spot trading at 1.1257, we can see next resistance ahead at 1.1272, 1.1310 (Daily Classic R3), 1.1325 (Weekly Classic R2) and 1.1481 (Weekly Classic R3). Support below can be found at 1.1244 (Daily Classic R2).

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