Filed Under:
Forex pairs in this Article » USD/CAD
FXstreet.com (Barcelona) - After the CAD sell-off after the BoC monetary policy meeting, in which expectations for a rate hike were downgraded quite significantly, the USDCAD is currently trading at parity, highest in 2 months.

According to Shaun Osborne, Chief FX Strategist at TD Securities in Toronto, "USDCAD's impulsive move up through short-term resistance in the mid 0.99 area gives the rally in funds a fair bit more short term momentum. After the consolidation (forming a minor bull flag) over the past few days, the push up in funds should target 1.0050/75."

"At the very least, we have to think that the push to new cycle highs can extend to retest the 1.0050/55 area, reflecting the input from the shorter-term charts. Key daily support is 0.9885/00 now" he adds.
comments powered by Disqus