USD/CAD Breaks Into Fresh Highs on the Year

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USD/CAD Breaks Into Fresh Highs on the Year

The USD/CAD is on the move to new highs on the year, helped by today’s US data. Let’s review these data points on jobless claims and retail sales and take a look at the USD/CAD charts for the reaction and technical development.

There was better than expected jobless claims data and retail sales data reaffirming the current projection for the FOMC to raise rates by mid-2015. The USD/CAD was bullish but held below 1.15. After the data points, it rallied into fresh highs on the year. The monthly chart will show that there is room to run until the 1.17-1.1725 area, which involves a resistance pivot in 2009. It will take a break below 1.14 to introduce any consolidation or bullish correction scenario.

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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.