December 6, 2022

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USD/CAD goes in search of a major upside break

1 min read

USD/CAD climbs to its highest levels since March

USD/CAD D1 19-07

The pair is now up 0.5% to 1.2670 as buyers are making a play to start European trading, extending a push above the April high @ 1.2654 and more importantly the 200-day moving average (blue line) @ 1.2625.

The break of the latter is the first since July last year. And more significantly from a technical perspective, that would shift the bias in the pair to favour buyers.

Beyond the levels above, further resistance can be seen closer to the mid-February to March highs around 1.2747-63 next for the pair.

The more subdued risk mood isn’t helping for the time being, with the dollar also keeping more resilient once again so far today. The greenback is also trading to session highs against most major currencies at the moment.

For the loonie, it is a bit of a double-whammy with oil down 1% to $71.08.

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