The US dollar resumed its momentum against the CAD on Friday, keeping the cross in the positive territory around 1.0310/15.
In
the opinion of G.Moore and S.Osborne, FX Strategists at TD Securities,
“The trend higher should prevail. Trend momentum signals remain
constructive across a range of timeframes and we think this implies
limited downside scope and an ongoing, though perhaps grinding (for the
moment), bid in funds”.
USD/CAD is now up 0.09% at 1.0315 with
the next resistance at 1.0425 (high Jun.5 2012) ahead of 1.0446 (2012
June high) and finally 1.0472 (high Nov.28 2011). On the flip side, a
drop beyond 1.0300 (hourly low May 24) would bring 1.0251 (low May 22)
and then 1.0246 (MA10d).
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