23 Jul 2015
USD/CAD: Key resistance is 1.3065 - Scotiabank
FXStreet (Guatemala) - Eric Theoret, CFA, CMT Currency Strategist at Scotiabank explained that Wednesday’s fresh 11-year closing high is notable, however USD/CAD has yet to break its intraday 2009 high at 1.3065.
Key Quotes:
"The RSI has not confirmed the fresh highs in USD/CAD, peaking at 76 on July 20 as we note a subsequent decline from overbought territory to its current level at 68."
"Near term USD/CAD support is expected at 1.2920, a break of which would shift the focus to retracement of the July 15 rally. Upside risk levels include 1.2950 and the 2009 intraday high at 1.3065."
Key Quotes:
"The RSI has not confirmed the fresh highs in USD/CAD, peaking at 76 on July 20 as we note a subsequent decline from overbought territory to its current level at 68."
"Near term USD/CAD support is expected at 1.2920, a break of which would shift the focus to retracement of the July 15 rally. Upside risk levels include 1.2950 and the 2009 intraday high at 1.3065."