USDCAD 1.3287 – bullish – Scope for higher towards September peak at 1.3456
USDCAD has been consolidating under the 1.3317/1.3331 resistance zone (November 6/October 1, 2015 highs). Bullish momentum indicators suggest scope remains for further upside. A break above the area would resume strength towards 1.3456 (September 29, 2015 peak). Above would extend the broad uptrend towards 1.3585 (March 2004 monthly high) and possibly 1.3818 (June 2004 monthly high). The 1.3191 area (November 4, 2015 high) should hold dips. A deeper than expected retreat would expose 1.3037 (November 3, 2015 low) near the 6-month rising uptrend support.
Outlook:
Intraday: neutral
Daily: bullish
Weekly: bullish
USDCAD has been consolidating under the 1.3317/1.3331 resistance zone (November 6/October 1, 2015 highs). Bullish momentum indicators suggest scope remains for further upside. A break above the area would resume strength towards 1.3456 (September 29, 2015 peak). Above would extend the broad uptrend towards 1.3585 (March 2004 monthly high) and possibly 1.3818 (June 2004 monthly high). The 1.3191 area (November 4, 2015 high) should hold dips. A deeper than expected retreat would expose 1.3037 (November 3, 2015 low) near the 6-month rising uptrend support.
Outlook:
Intraday: neutral
Daily: bullish
Weekly: bullish
