USD/CAD: uptrend & correction
Today USD/CAD has reached 1-year maximum around 1.0420. US dollar has reached new high as confidence among America’s consumers climbed in May to a five-year high, boosting speculation the Fed could taper its monetary stimulus.
TD Securities are bullish on the pair and think that upward trend will continue. The specialists see positive signs on H1, daily and weekly charts. In their view, USD/CAD will find solid support on dips to 1.0300 and will push on to 1.0600 in the weeks ahead.
On H4 we see a scope for some correction to support at 1.0367 and 1.0330.
Chart. H4 USD/CAD