Forex: USD/CAD upside capped around 1.0100

FXstreet.com (Barcelona) - The CAD has found some bids in the vicinity of the key resistance at 1.0100 on Friday, pushing the cross back to the 1.0080 area at the time of writing.

The research team at TD Securities remarked, “USD/CAD’s move through the November high around 1.0050 opens up the topside in funds a little more. We think spot should move to test the 1.0120/1.0150 range at least (the latter point being the 50% retracement of the 1.0445/0.9630 move lower seen last year). Trend momentum is strong across the shorter-term time frames and is strengthening on the weekly chart as well. If trend strength signals continue to align, upside risks will rise significantly we think”.

The pair is advancing 0.69% at 1.0089 facing the next resistance at 1.0106 (high Jul.27) ahead of 1.0132 (low Jul.23) and then 1.0135 (61.8% of 1.0446-0.9633).
On the downside, a break below 1.0085 (high Aug.2) would bring 1.0077 (high Aug.3) and then 1.0057 (high Nov.16).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

RELATED TOPICS