12 Jan 2015
USD/CAD takes a peek above 1.1900
FXStreet (Córdoba) - USD/CAD extended gains and rose above 1.1900 to hit a fresh 5 ½-year high as Canadian dollar continues to track oil losses.
USD/CAD picked up momentum and climbed to a high of 1.0913, last seen May 2009, as oil prices dropped further weighing on the CAD. At time of writing, the pair is trading at 1.0910, recording a 0.09% gain on Monday.
USD/CAD technical perspective
“From a technical perspective, there is no sign that the trend higher in USD/CAD is poised to stall or reverse; quite the opposite, in fact. The underlying trend remains very constructive—reflecting in part the strong seasonal bias for USD strength in the early part of the year that we have highlighted previously”, said the TD Securities team. “We look for firm support this week in the low 1.18 area and continue to think that funds risks pushing above the 1.20 area in the next few weeks before a deeper and broader consolidation risks setting in”.
USD/CAD picked up momentum and climbed to a high of 1.0913, last seen May 2009, as oil prices dropped further weighing on the CAD. At time of writing, the pair is trading at 1.0910, recording a 0.09% gain on Monday.
USD/CAD technical perspective
“From a technical perspective, there is no sign that the trend higher in USD/CAD is poised to stall or reverse; quite the opposite, in fact. The underlying trend remains very constructive—reflecting in part the strong seasonal bias for USD strength in the early part of the year that we have highlighted previously”, said the TD Securities team. “We look for firm support this week in the low 1.18 area and continue to think that funds risks pushing above the 1.20 area in the next few weeks before a deeper and broader consolidation risks setting in”.