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USD/CAD tests and holds resistance at 1.3614 again
Yesterday an update here looked at all the immediate resistance levels in place on the USD/CAD. Well, subsequent to that update the US dollar dropped back from just above 1.36 once more. The USD/CAD later closed in the US at 1.3568. Not that long ago this morning the USD/CAD did rise again, to test the first of those noted double tops at 1.3614. However, and despite nailing that level, the US dollar has rejected a move above that price point. It is now edging back down once more. We do have some Canadian data that might determine whether or not that remains intact or not- the January reading of monthly GDP. This is due out at 12.30pm GMT and it is expected to show a rise of 0.4%. If the USD/CAD does not get above 1.3614 today then it might form a triple top at the level on the daily charts (ahead of further resistance at 1.3619 and then finally at 1.3623). The USD/CAD is currently trading at 1.3599
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