By CountingPips.com
The US dollar has gained today on the Canadian loonie in forex trading as the USD/CAD has traded at its highest level since February 11th. This currency pair has been trading in a fairly tight range since February 13th through February 21st with the top of the range being roughly 0.9900 and the bottom close to 0.9800.
Today’s move may potentially position the pair to gain some upward momentum and break this persistent range in the coming days if the dollar can remain in favor.
The USD/CAD is currently trading around 0.9905 level and has ascended above the 20-day moving average (in red). Further upside movement may see resistance at the 23.6 Fibonacci level (on the down move from 1.0372 to 0.9862) and near this month’s high point at very close to parity level.
On the downside, the 0.9850 level has been previously significant support while 0.9825/00 has also provided support recently.
