USDCAD: Grinding higher

Wednesday, October 30, 20130 comments

USD/CAD has likely started a new phase of strength. A test of the declining channel (around 1.0513) is expected as a minimum upside potential. Hourly supports stand at 1.0428 and 1.0411.

In the longer term, the key resistance at 1.0870 (02 November 2009 high and the long-term declining trendline from the October 2002 peak) continues to represent a major hurdle. However, the successful test of the support area implied by the long-term rising trendline (around 1.0257) and the 200 day moving average favours a new test of this obstacle. 
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