- Given the strength of the current move, this has pushed USDCAD to the highest level since 2003.
- CAD$ depreciated against the US dollar and made intraday high of 1.41086 levels.
- Above 1.4100, traders can look to 1.4275/43, which is the top of the channel drawn from the late August high and is 100% of the initial move off the mid-May low projected higher from 1.3811.
- While looking at monthly chart, immediate resistance is seen at 1.4165 levels, above that next resistance is seen at 1.4191 levels.
- On the other side, support levels are seen at 1.3990 and 1.3811 levels.
- Looking ahead for the fundamental news, BOC Governor Poloz speech will be there, due to this volatility is expected.
The material has been provided by InstaForex Company – www.instaforex.com