Technical Analysis

USD/CAD rises to session highs as patrons seek for a near-term break

USD/CAD rises to the highs for the day

USD/CAD H1 14-02

The greenback remains to be sustaining some optimistic momentum towards the likes of the aussie, pound and loonie with USD/CAD notably rising to a excessive of 1.3271 presently. Patrons are in seek for a transfer to interrupt above the 100-hour MA (crimson line) with worth buying and selling in impartial zone between the 2 key hourly transferring averages yesterday.

Maintain a break above that degree and the near-term bias turns extra bullish. Of observe, there may be additionally the 23.6 retracement degree @ 1.3268 offering further resistance in the intervening time. If patrons managed to carry above these ranges, a transfer in the direction of 1.3300 and swing area resistance near 1.3310-20 can be subsequent on the playing cards.

Though oil is buying and selling up by zero.7% on the day, the pair is basically pushed by the transfer within the greenback up to now within the European morning. On condition that backdrop, the discharge of US retail gross sales and PPI figures later can be of key focus to justify any near-term directional transfer.

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