FX.co ★ USD/CAD intraday technical levels and trading recommendations for January 15, 2014

The USD/CAD bulls are pushing towards higher price levels (1.0980) that haven't been reached since September 2009.В 

This is enhanced by weak fundamental conditions in Canada which stressed monetary marketВ suspicions.В 

The USD/CAD pair has achievedВ multipleВ breakouts of several resistance levels, allowing the pair to push towards 1.1100В being approached today.

The next prominent resistance level is around 1.1230 corresponding to 50% Fibonacci Level of the depicted bearish movement between March 2009 and July 2011.

On the downside, the price level of 1.0840 represents the most recent support level which held price above during bearish retracement that took place on Monday.

The USD/CAD pair has a prominent supply zone at 1.0700-1.0740 which represents the upper limit of consolidation range that got broken last week.