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USD/CAD Tries To Follow the USD Uptrend – BofA Merrill

The US dollar is on a roll this week, for a variety of reasons. The move also affects the Canadian dollar.

The team at Bank of America Merrill Lynch explains:

After 2 months of correcting, the USD Index is resuming its larger uptrend, notes Bank of America Merrill Lynch.

“The impulsive gains from 93.13 (May-14 low) turn attention to the old range lows at 96.46/96.17. Through here confirms a return to trend, targeting the March highs at 100.39 and beyond. Pullbacks should be bought and not break the 93.13 lows,” BofA projects.

It’s a similarly bullish setup in USD/CAD.

The impulsive rebound from the confluence of support between 1.2027/1.1917 says the uptrend is trying to resume. A move above the 1.2352/1.2406 confirms a return to trend, targeting 1.2835 ahead of 1.3465,” BofA adds.

Canadian dollar trying to move USDCAD daily chart indicators May 2015

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.