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24 Jul 2014
USD/CAD finds resistance at 1.0750
FXStreet (Córdoba) - The USD/CAD rose during the American session and peaked at 1.0751, 2-day high but failed to hold an pulled back, ending the day trading around 1.0740, less than 15 pips above yesterday's closing price.
As it has been the case since last week the USD/CAD continues to move sideways, unable to hold above 1.0750 and with support above 1.0705. The consolidation follows a bullish run 15 days ago, that pushed the pair from 1.0620 to 1.0790.
USD/CAD to continue higher?
The daily chart shows the price pressing a resistance at 1.0755 according to the TD Securities FX Research Team. “We still think the broader outlook here is positive because the market rallied hard from medium-term support in the low 1.06 area earlier in the month”.
The Team notes that while the US dollar cannot pierce resistance in the mid 1.07s, “the market is not backing off trend resistance in a meaningful way and the USD is still finding good support on modest dips”.
As it has been the case since last week the USD/CAD continues to move sideways, unable to hold above 1.0750 and with support above 1.0705. The consolidation follows a bullish run 15 days ago, that pushed the pair from 1.0620 to 1.0790.
USD/CAD to continue higher?
The daily chart shows the price pressing a resistance at 1.0755 according to the TD Securities FX Research Team. “We still think the broader outlook here is positive because the market rallied hard from medium-term support in the low 1.06 area earlier in the month”.
The Team notes that while the US dollar cannot pierce resistance in the mid 1.07s, “the market is not backing off trend resistance in a meaningful way and the USD is still finding good support on modest dips”.