23 Jan 2014
USD/CAD unstoppable, breaks above 1.1100
FXstreet.com (Córdoba) - The USD/CAD rose further at the beginning of the Asian session, reaching a fresh 4 ½-year high at
1.1111. Yesterday the par soared on the back of the Bank of Canada statement and after the press conference and closed at 1.1088, at the highest level since July 2009.
The US dollar strengthened early in Asia, favoring the upside in the USD/CAD, that continues to point to the upside, despite showing extreme levels of overbought.
To the upside immediate resistance lies at 1.1110 (daily high) and above at 1.1165 while to the downside support might be located at 1.1090 and below at 1.1070 and 1.1020 (January 21 high).
1.1111. Yesterday the par soared on the back of the Bank of Canada statement and after the press conference and closed at 1.1088, at the highest level since July 2009.
The US dollar strengthened early in Asia, favoring the upside in the USD/CAD, that continues to point to the upside, despite showing extreme levels of overbought.
To the upside immediate resistance lies at 1.1110 (daily high) and above at 1.1165 while to the downside support might be located at 1.1090 and below at 1.1070 and 1.1020 (January 21 high).