The pair rose to new three-week high after downbeat Canada’s housing and employment data depressed loonie. Fresh advance (0.49% since Asian opening) broke important Fibo barrier at 1.3229 (61.8% of 1.3345/1.3041) and pressures next target at 1.3244 (daily cloud top). US dollar remains firm against its major counterparts and extends advance into fifth straight day, keeping USDCAD’s bull in play. The pair is on track for the second bullish weekly close, with today’s close above 1.3229 Fibo barrier to generate bullish signal, for attack at daily cloud (1.3243/67), break of which would unmask 200DMA (1.3274). Broken 55DMA (1.3216) offers initial support ahead of broken 100DMA (1.3194).
Res: 1.3243; 1.3247; 1.3275; 1.3300
Sup: 1.3216; 1.3194; 1.3171; 1.3158
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