Forex: USD/CAD bears defending 1.0000

FXstreet.com (San Francisco) - Intraday price action set a fresh eleven-week high for USDCAD on safe-haven support Friday ,which extended as high as 0.9993 during the U.S. session following a break of descending trend line resistance around 0.9960 (June 4/28 peaks).

The pair is now trading back around the 0.9975 mark as bears defend the psychological 1.0000 figure; the 55-week EMA (0.9991) is also attracting sellers. Little else of significance may occur as we approach the weekly close, however, should the upward momentum persist in the week ahead, key retracement resistance lies at 1.0035 (50%, June 4/Sep 14 drop). Above there, further resistance is noted at 1.0065 (July 19 low). Bearish targets are noted at 0.9950 (Aug 23 high) and 0.9883 (Oct 3 high).

From TD Securities: "The collection of "doji" candles this week suggests the rally from that the high 0.97s has stalled out, at the very least. A turn lower next week in funds would be a more important signal of a turn lower."