“USD/CAD has run into better selling interest in the mid 1.02 area since Friday but the chart patterns suggest consolidation rather than a reversal in what remains, in our opinion, a very strongly-entrenched bull trend across a range of timeframes… We rather expect USD losses to remain limited currently and for USD dips will remain well supported and are a buy”, assessed the research team at TD Securities.
USD/CAD is up 0.35% at 1.0260 with the next resistance at 1.0342 (high Jun.29) ahead of 1.0363 (high Jun.28) and then 1.0382 (high Jun.6).
On the flip side, a breakdown of 1.0113 (MA10d) would expose 1.0101 (high Jan.25) and then 1.0055 (low Feb.18).
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.