Forex: USD/CAD breaks 1.1300 and posts 1.1350, fresh June high

Mon, Jun 15 2009, 12:01 GMT
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FXstreet.com (Barcelona) - USD/CAD has broken 1.1300 level in the European session and it has posted the 1.1350 as new June high after rising 1.30% so far today from 1.1205 opening price action in a 150 pips increases movement. Currently the pair is trading around 1.1335/45.

Last week USD/CAD declined 0.12% after opening 1.1198 on Monday and close at 1.1178 in Friday, the pair reached 1.1291 as highest and 1.0942 as lowest.

Rajoo C, analyst at Precise Trader, comments: "USDCAD moved as expected but we were hesitant to enter but closed @ 11190 which was well above the open. The Hourly Oscillators are bullish but reaching over bought, so cautious approach is needed. Hourly Trend is Sideways Up and Daily Trend is Sideways, so expect the price to make higher highs but may be choppy. We believe once the price gives way to 11245 level it will creep higher. The patterns are pointing higher the price should not breach 11175 and we should at least able to see 11325 level. We prefer to hold Long while 11175 level holds or strictly trade only at our levels."

USD/CAD

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