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13 Mar 2015
USD/CAD on verge of a major breakout – FXStreet
FXStreet (Barcelona) - According to FXStreet Editor and Analyst, Dhwani Mehta, USD bulls are likely to take charge of USD/CAD and drive the pair higher towards 1.28 and then 1.2950 levels.
Key Quotes
“Technically, USD/CAD is on the verge of major trend line breakout above a strong resistance zone formed around 1.2800 levels on daily chart.”
“A major break above 1.28 barrier may be witnessed on disappointing Canadian employment numbers, opening doors for further upside testing 1.2950 levels.”
“Beyond that level USD bulls may take total control and storm its way higher to reach fresh six year highs at 1.3000 levels.”
“On the other hand, if the jobs data surprises on the upside, the pair may witness a sharp sell-off and drop to sub 1.26 barrier.”
“However, with the daily RSI bullish at 63.87 levels, USD bulls are likely to remain in charge driving the pair to fresh six year highs beyond 1.2800 and further to 1.2950.”
Key Quotes
“Technically, USD/CAD is on the verge of major trend line breakout above a strong resistance zone formed around 1.2800 levels on daily chart.”
“A major break above 1.28 barrier may be witnessed on disappointing Canadian employment numbers, opening doors for further upside testing 1.2950 levels.”
“Beyond that level USD bulls may take total control and storm its way higher to reach fresh six year highs at 1.3000 levels.”
“On the other hand, if the jobs data surprises on the upside, the pair may witness a sharp sell-off and drop to sub 1.26 barrier.”
“However, with the daily RSI bullish at 63.87 levels, USD bulls are likely to remain in charge driving the pair to fresh six year highs beyond 1.2800 and further to 1.2950.”