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Forex: USD/CAD in session highs, eyes on 1.0080

The stronger dollar is pushing the cross to fresh highs in the boundaries of 1.0080 on Friday, buoyed by positive data in the US and markets a tad biased towards risk aversion.

The research team at TD Securities assessed that “Solid short-term support has provided the platform for a squeeze higher in the market so far today. For the moment, the broader, short-term range remains intact but the strength of the rally so far today suggests that the recent highs at 1.0090/00 should be tested in the next day or so”. The experts added that the area around 0.9990/00 became a relevant support.

At the moment, the cross is advancing 0.63% at 1.0073 facing the next resistance at 1.0087 (Upper Bollinger) ahead of 1.0088 (high Feb.12) and then 1.0101 (2013 high Jan.25/28).
On the flipside, a breakdown of 1.0002 (MA10d) would aim form 0.9995 (MA21d) and then 0.9992 (MA200d).

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