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USD/CAD keeps highs near 1.1250

FXStreet (Edinburgh) - The greenback is trading on a better mood against its Canadian counterpart on Tuesday, lifting USD/CAD to the 1.1250.60 band, closer to ytd highs at 1.1279.

USD/CAD boosted by USD strength

It seems spot finally managed to break above the 1.1200 strong resistance backed by a re-emergence of the bid tone around the greenback, opening the door for a potential test of 2014 highs around 1.1280 (March 20th). In the view of Shaun Osborne, Chief FX Strategist at TD Securities, “We are not persuaded that new highs for funds are warranted at this point but the broader USD tone—strong—will dictate the direction here”.

USD/CAD levels to consider

The pair is now up 0.47% at 1.1250 facing the next resistance at 1.1265 (high Oct.6) ahead of 1.1279 (2014 high Mar.20) and finally 1.1300 (psychological level). On the other hand, a breakdown of 1.1190 (low Oct.14) would open the door to 1.1168 (low Oct.13) and then 1.1160 (low Oct.10).

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