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25 Nov 2013
USD/CAD trying to break out above resistance at 1.0567
FXstreet.com (Barcelona) - The USD/CAD looks to technicians to have a very bullish future. The question is whether the cross will blow through the 1.0567 resistance on the first try or if it will pull back / consolidate first?
USD/CAD traders to key off US data Monday
There is no Canadian data due out Monday so traders will have to rely on the technicals and US data including the US Pending Home sales and the Dallas Fed Manufacturing Index data which will be released during the US session.
Technical outlook for USD/CAD
Technicians say to key off of 1.0567 resistance for USD/CAD – a close above that level means a further run to the upside at least to 1.0756 at a minimum while a hold of resistance could mean a pullback to as low as 1.0400. Initial support will be 1.0500, though.
USD/CAD traders to key off US data Monday
There is no Canadian data due out Monday so traders will have to rely on the technicals and US data including the US Pending Home sales and the Dallas Fed Manufacturing Index data which will be released during the US session.
Technical outlook for USD/CAD
Technicians say to key off of 1.0567 resistance for USD/CAD – a close above that level means a further run to the upside at least to 1.0756 at a minimum while a hold of resistance could mean a pullback to as low as 1.0400. Initial support will be 1.0500, though.