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20 Feb 2014
USD/CAD in 2-week highs
FXStreet (Edinburgh) - The USD/CAD continues its relentless march north, pushing to test fresh 2-week highs beyond the 1.1100 handle.
USD/CAD remains buoyant
The pair thus resumes its recent upside after two consecutive weeks of losses post multi-year highs above 1.1200 the figure in late January. The USD found extra oxygen in today’s risk-off sentiment and better-than-expected PMI print for the month of February. According to Shaun Osborne, Chief FX Strategist at TD Securities, “Note weekly trend momentum remains bullish and the market rebounded from parallel support in the low 1.09s. We expect new cycle highs to follow shortly”.
USD/CAD levels to watch
At the moment the pair is advancing 0.20% at 1.1105 and a surpass of 1.1124 (high Feb.4) would open the door to 1.1135 (high Feb.3). On the downside, the initial support lines up at 1.0911 (low Feb.19) ahead of 1.0905 (low Jan.16) and finally 1.0860 (low Jan.14).
USD/CAD remains buoyant
The pair thus resumes its recent upside after two consecutive weeks of losses post multi-year highs above 1.1200 the figure in late January. The USD found extra oxygen in today’s risk-off sentiment and better-than-expected PMI print for the month of February. According to Shaun Osborne, Chief FX Strategist at TD Securities, “Note weekly trend momentum remains bullish and the market rebounded from parallel support in the low 1.09s. We expect new cycle highs to follow shortly”.
USD/CAD levels to watch
At the moment the pair is advancing 0.20% at 1.1105 and a surpass of 1.1124 (high Feb.4) would open the door to 1.1135 (high Feb.3). On the downside, the initial support lines up at 1.0911 (low Feb.19) ahead of 1.0905 (low Jan.16) and finally 1.0860 (low Jan.14).