24 Oct 2013
USD/CAD breaks above 1.0420 and reaches fresh October highs
FXstreet.com (San Francisco) - The US dollar is currently trading higher against its Canadian counterpart following the better than expected US data and after breaking above Oct. 9 highs at 1.0420, the USD/CAD has jumped to 1.0440, highest since September 6.
At this moment, the USD/CAD is trading in consolidation mode around 1.0420 where the pair is testing this level as support now. With the pair performing 0.37% positive on the day, the short term perspective remains slightly bullish according to the FXstreet.com trend index in the 1-hour chart.
Indicators such as MACD, CCI and Momentum are pointing to the north while the Stochastic is bearish in the 1 hour timeframe too.
Above the 1.0420, next resistances are at 1.0440, 1.0550 and 1.0605. On the downside, the supports are at 1.0330, 1.0270 and 1.0250.
At this moment, the USD/CAD is trading in consolidation mode around 1.0420 where the pair is testing this level as support now. With the pair performing 0.37% positive on the day, the short term perspective remains slightly bullish according to the FXstreet.com trend index in the 1-hour chart.
Indicators such as MACD, CCI and Momentum are pointing to the north while the Stochastic is bearish in the 1 hour timeframe too.
Above the 1.0420, next resistances are at 1.0440, 1.0550 and 1.0605. On the downside, the supports are at 1.0330, 1.0270 and 1.0250.