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Forex: USD/CAD upside capped around 1.0280/85

FXstreet.com (Barcelona) - The Canadian dollar has managed to pick up pace and recover ground after hitting intraday lows against the greenback in the vicinity of 1.0280/85, dragging the cross to the area of 1.0260/65.

“We think the salient feature of the daily chart remains the bullish break out from above bull flag resistance last week. Pattern wise, this suggests that USD/CAD is embarking on another significant leg higher to the 1.06 zone (measured move objective, repeating the scale of the 0.9934/1.0341 move)”, suggested Strategists G.Moore and S.Osborne at TD Securities.

As of writing, the pair is up 0.10% at 1.0267 and a break above 1.0295 (high Apr.17) would aim for 1.0315 (high Mar.8) and finally 1.0329 (high Mar.7).
On the flip side, support levels align at 1.0205 (MA10d) ahead of 1.0203 (low Apr.16) and then 1.0184 (MA21d).

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