The bulls are pushing towards new price levels (1.1010) that haven't been reached since September 2009 in reaction to the positive fundamental data from the United States and in Canada.
Today,Comments by Fed's watcher Jon Hilsenrath about the probability to reduce further monetary easing in the next week applied further bullish pressure against other currencies including CAD.
The next prominent resistance level is around 1.1230 corresponding to 50% Fibonacci Level of the depicted bearish movement between March 2009 and July 2011. Temporary resistance off the price level of 1.1000 may be expressed first as it corresponds to the upper limit of the depicted bullish channel.
The USD/CAD pair has a prominent support zone at 1.0700-1.0750 which represents the upper limit of consolidation range that got broken this month.Any further testing of this zone will provide a valid BUY entry for the mid-term.
The material has been provided by InstaForex Company - www.instaforex.com
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