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USD/CAD extends the upside to 1.1460

FXStreet (Edinburgh) - The upbeat momentum around the US dollar remains well and sound on Wednesday, lifting USD/CAD to fresh multi-year tops beyond 1.1460.

USD/CAD eyes on US releases

It’s all about the dollar. Spot managed to quickly leave behind the 1.1400 barrier on Tuesday, renewing highs in levels last seen in July 2009 near 1.1470 although cashing up some gains afterwards. Ahead in the session, there area no scheduled releases in Canada, whereas the ADP report and the ISM non manufacturing will take centre stage in the US economy. According to analysts at TD Securities, “The outlook for USDCAD remains bullish on the charts, as there are no clear caps on the upside. Intraday, a break above 1.1480 would open a move towards 1.1550. Longer term, 1.18 remains in sight over the next few months”.

USD/CAD levels to watch

The pair is now up 0.22% at 1.1436 with the next resistance at 1.1482 (Pivot Nov.5) ahead of 1.1497 (day uptrend channel) and then 1.1500 (psychological level). On the flip side, a breakdown of 1.1391 (low Nov.5) would target 1.1340 (low Nov.4) en route to 1.1300 (psychological level).

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