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US Dollar Seen Rising Against Commodity Bloc Counterparts

US Dollar Seen Rising Against Commodity Bloc Counterparts

Ilya Spivak,

The US Dollar looks poised to continue higher against its Canadian counterpart after prices broke above resistance marked by Augusts’ swing top. My prior long trade from 1.3247 was stopped out as the Loonie capitalized on a jump in oil prices but gains proved to be short-lived, as expected.

Positioning now seems attractive for another try again and I've entered long, initially targeting 1.3559. A stop-loss will be activated on a daily close below 1.3335. I will brook profit on half of the position and trail the stop-loss to the breakeven level once the first objective is hit.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.