• 526 days Will The ECB Continue To Hike Rates?
  • 526 days Forbes: Aramco Remains Largest Company In The Middle East
  • 528 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 928 days Could Crypto Overtake Traditional Investment?
  • 933 days Americans Still Quitting Jobs At Record Pace
  • 935 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 938 days Is The Dollar Too Strong?
  • 938 days Big Tech Disappoints Investors on Earnings Calls
  • 939 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 941 days China Is Quietly Trying To Distance Itself From Russia
  • 941 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 945 days Crypto Investors Won Big In 2021
  • 945 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 946 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 948 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 949 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 952 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 953 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 953 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 955 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

USD/CAD: Bullish Breakout at 1.0236

USD/CAD has moved out of its declining channel and has broken the resistance at 1.0236. Further short-term strength is favoured. Hourly resistances are at 1.0285 (19/03/2013 high) and 1.0342. An hourly support can be found at 1.0203 (16/04/2013 high).

The Bank of Canada should leave rates unchanged today. All eyes will be focused on the forward bias which could be softened to a neutral bias from a tightening bias.

In the medium-term, the break of the resistance at 1.0236 (05/04/2013 high) opens the way for a new test of the previous highs at 1.0342 (01/03/2013 high). However, the extreme short CAD market positioning suggests that the next significant medium-term move is likely to be to the downside.

Daily Technical Report

 

Read the Report

Back to homepage

Leave a comment

Leave a comment