14 Oct 2014
USD/CAD near multi-year highs
FXStreet (Córdoba) - USD/CAD rebounded at 1.1215 and turned to the upside, climbing slightly above October highs and reached at 1.1275, the highest price since March. If it breaks above 1.1277 it would be trading at levels last seen in 2009.
The Canadian dollar is the worst performer among majors during the American session. While AUD/USD and NZD/USD remained above daily lows, USD/CAD broke previous highs at 1.1255.
USD/CAD technical outlook
The pair is testing a resistance area around 1.1270/75. “At the very least, we think patterns suggest a strong barrier to USDCAD rallying to new cycle highs at the moment in the upper 1.12s—especially as short-term trend momentum signals are so slack; these sorts of environments usually favour range trading”, noted analysts from TD Securities.
The Canadian dollar is the worst performer among majors during the American session. While AUD/USD and NZD/USD remained above daily lows, USD/CAD broke previous highs at 1.1255.
USD/CAD technical outlook
The pair is testing a resistance area around 1.1270/75. “At the very least, we think patterns suggest a strong barrier to USDCAD rallying to new cycle highs at the moment in the upper 1.12s—especially as short-term trend momentum signals are so slack; these sorts of environments usually favour range trading”, noted analysts from TD Securities.