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16 Aug 2013
USD/CAD extends gains higher
FXstreet.com (New York) - The USD/CAD foreign exchange rate has been performing remarkably better Friday, after a brush with negativity yesterday – a familiar path for most USD pairs.
USD/CAD strategic bias
According to the TD Securities Team, “On the charts, the USD/CAD did not avoid the whippy price action that has pervaded the market over the past 24 hours, but its moves were much tamer than many of the other major currencies. The short and medium term charts are still reflective of a consolidation phase for the pair, and the longer-term charts (weekly) suggest the bull trend is still intact. With that in mind, we still favor an ultimate break to the upside of the current neutral range, which is defined by 1.0250/1.0445.”
USD/CAD technical levels
The USD/CAD has moved up to 1.0347 in these moments, though is still trading below its highs at 1.0362 Friday. At this juncture, the pair is securing a gain of +0.40% above opening during US trading. Technically speaking, the USD/CAD will face resistance at 1.0365, onto 1.0405, notes the Danske Research Team.
USD/CAD strategic bias
According to the TD Securities Team, “On the charts, the USD/CAD did not avoid the whippy price action that has pervaded the market over the past 24 hours, but its moves were much tamer than many of the other major currencies. The short and medium term charts are still reflective of a consolidation phase for the pair, and the longer-term charts (weekly) suggest the bull trend is still intact. With that in mind, we still favor an ultimate break to the upside of the current neutral range, which is defined by 1.0250/1.0445.”
USD/CAD technical levels
The USD/CAD has moved up to 1.0347 in these moments, though is still trading below its highs at 1.0362 Friday. At this juncture, the pair is securing a gain of +0.40% above opening during US trading. Technically speaking, the USD/CAD will face resistance at 1.0365, onto 1.0405, notes the Danske Research Team.