USD/CAD – Testing 1.10 resistance by Milan Cutkovic

  • USD/CAD briefly traded above 1.10 earlier
  • Dealers note buying coming mostly from leveraged names, but the pair hit into some corporate supply up here
  • Further gains likely as commodity currencies remain under pressure
  • BoC Governor Poloz said over the weekend that Canada’s recent rise in inflation is considered temporary
  • Intraday resistance lies at 1.1025 and 1.1070, but we’ll likely see a breakout above 1.11 eventually
  • If looking to bet on CAD strength against other currencies, short AUD/CAD and EUR/CAD still the best choices
  • CAD/JPY is in a strong uptrend, but looks like it is running into exhaustion…

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