Technical Analysis

USD/CAD pushes to five-week excessive as greenback continues to carry agency on the day

USD/CAD touches a excessive of 1.3342, highest since 25 January

USD/CAD D1 05-03

Value held the important thing trendline help once more final week and patrons are leaning off that degree to construct on extra momentum again to the upside. Nonetheless, regardless of surpassing the 100-day MA (pink line), value is now encountering resistance from the swing area between 1.3340-60 in the intervening time.

The loonie is among the many weakest performing main currencies right now alongside the kiwi and aussie, as oil costs are buying and selling decrease and headlines like this would possibly not actually assist both.

Past the swing area resistance of 1.3340-60, the 76.four retracement degree @ 1.3384 stays a key resistance degree as properly. I reckon solely a break past that can we see an additional extension to the upside for USD/CAD.

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