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USD/CAD heading onto the 1.10 handle?

FXStreet (Guatemala) - USD/CAD is trading at 1.0943, up 0.01% on the day, having posted a daily high at 1.0964 and low at 1.0929.

USD/CAD is holding form and closing in on the mid point of the 1.09 handle with a broader technical picture that is looking positive. Analysts at TD Securities explained that there is a fair amount of focus on resistance in the upper 1.09s but they rather think the near-by trigger point for a USD rally is 1.0960—the top of the Q2 consolidation channel. “A sustained push above 1.0960 would support the idea of a broader turn up again in the USD, as we noted yesterday. The resumption of the longer-term bull move in USD/CAD has been a consideration of our overall assessment of risks here since the late July break above resistance in the mid 1.06s (bull wedge pattern). We think the break out from the Q2 consolidation suggests USD/CAD can repeat the scale of the 1.02/1.10 rally over the next 6-9 months”.

USD/CAD hourly levels

With spot trading at 1.0945, we can see next resistance ahead at 1.0951 (Yesterday's High), 1.0964 (Daily High), 1.0964 (Weekly Classic R1), 1.0968 (Daily Classic R1) and 1.0973 (Monthly High). Support below can be found at 1.0942 (Hourly 20 EMA), 1.0929 (Daily Low) and 1.0925 (Daily Classic PP).

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