21 Aug 2013
USD/CAD surges to fresh highs at resistance
FXstreet.com (New York) - The USD/CAD foreign exchange rate rallied higher Wednesday, ahead of the FOMC at 18:00 GMT, testing fresh highs during US trading.
Technically speaking, the USD/CAD is now trading at 1.0446, securing a robust advance of +0.53% above its opening. Briefing the technicals, the USD/CAD is currently testing resistance at 1.0441, a break of which will open up 1.0478.
USD/CAD strategic bias
According to the TD Securities Team, “On the charts, the rebound in USD/CAD this week is reaching a ’make or break’ point in the mid 1.04 area. USD/CAD closing above the 40-day MA is bullish and short-term trend momentum supports the better bid tone. A move through 1.0450 in the next day or two should pave the way for a rally to 1.0600/50.”
Technically speaking, the USD/CAD is now trading at 1.0446, securing a robust advance of +0.53% above its opening. Briefing the technicals, the USD/CAD is currently testing resistance at 1.0441, a break of which will open up 1.0478.
USD/CAD strategic bias
According to the TD Securities Team, “On the charts, the rebound in USD/CAD this week is reaching a ’make or break’ point in the mid 1.04 area. USD/CAD closing above the 40-day MA is bullish and short-term trend momentum supports the better bid tone. A move through 1.0450 in the next day or two should pave the way for a rally to 1.0600/50.”