FX : Dollar breaks 1.0820 resistance against the Canadian
FXstreet.com (Barcelona) – The Dollar's recovery against its Canadian counterpart has continued during the European session after rising around 75 pips from 1.0670 to break 1.0820 and post 1.0835 as fresh intra-day high. Currently the pair is trading around 1.0815/25, 0.30% above today's opening price action.
The ecPulse.com analysis team comments: “The Dollar versus Loonie pair rebounded sharply, as it was positively pressured by momentum indicators to close above the key support at 1.0715, where we expect the pair is to continue trading within the downside channel. The stochastic indicator is entering an overbought area, as the pair reaches the 1.0800 resistance, which makes us expect a decline on the intraday basis to breach 1.0715 and target 1.0600. The decline remains as far as 1.0925 is intact.”
