USDCAD 11-year Highs?

usdcad- cfd-forex

USDCAD is hovering near an 11-year high of 1.3212. This peak was reached on August 5th. Currently prices are around 1.3110 in early Tuesday European session trading.

Technical studies are quite bullish, with the tenkan-sen and kijun-sen lines being positively aligned and rising. Also the daily Ichimoku cloud is rising. RSI is in bullish territory above 50 although it has been trending lower recently, suggesting the market is consolidating in the near term.

To the downside, immediate support is seen at 1.2951 and 1.2834. To the upside, once the peak of 1.3212 is breached there is scope to target the 1.40 handle.

The bullish trend is expected to remain as long as the market holds above 1.20. We can see how USDCAD has been steadily rising since 2012, from 0.9630.

Let’s get started...

Broker Rating Markets Available Fees Open an Account
Kawase Logo
1 Star2 Stars3 Stars4 Stars5 Stars
Rating 3.44 /5
(16 votes cast)
Shares, Indices, Forex and Oil Spread From 0.1 and 0.2% Commission Visit Website
MaxFx Logo
1 Star2 Stars3 Stars4 Stars5 Stars
Rating 4.66 /5
(90 votes cast)
Indices, Forex, Metals, Shares From 0.1 Raw Interbank Spread Visit Website
London Capital Group (LCG) Logo
1 Star2 Stars3 Stars4 Stars5 Stars
Rating 0.43 /5
(127 votes cast)
CFDs - Foex, Indices, Stocks, Commodities, Bonds, Interest Rates Variable spreads from 1.2 and small 0.1 commission on Shares Visit Website

Login to Comment

Share your experiences with our community. You must be logged into post a comment. Sign up as new CFDMaster member or Log in using your Facebook account and get instant access today!

Risk warning: Your capital may be at risk. CFD trading is suitable for experienced traders and not beginners.