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USD/CAD Prices Rise To 11-Year High

USD/CAD Prices Rise To 11-Year High

Talking Points:

  • USD/CAD Technical Strategy: Long at 1.2649
  • Support: 1.3090, 1.3002, 1.2860
  • Resistance: 1.3232, 1.3347, 1.3463

The US dollar continues to press upward against its Canadian counterpart, with hitting the highest levels in eleven years. Near-term resistance is at 1.3232, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 1.3347. Alternatively, a turn below the 23.6% expansion at 1.3090 clears the way for a test of the 14.6% expansion at 1.3002.

We entered long USD/CAD at 1.2649 and have since taken profit on half of the trade. The remainder of the position will remain in play to take advantage of any further on-coming gains. The stop-loss is now at the breakeven level.

USD/CAD Daily Chart

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