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US Dollar Targets Multi-Year Highs versus Canadian Dollar

US Dollar Targets Multi-Year Highs versus Canadian Dollar

David Rodriguez, Head of Product

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Why and how do we use the SSI in trading? View our video and download the free indicator here

USDCAD – Our retail forex trader data shows that the majority of traders remain net-short the US Dollar versus the Canadian Dollar, and a contrarian view of crowd sentiment leaves us in favor of buying into USD/CAD strength.

A recent break above key resistance shifts our near-term price target to the multi-year high near C$1.3450, while price support now starts at key congestion surrounding C$1.3200.

See next currency section: AUDUSD - Australian Dollar Remains Likely to Fall Further

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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

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