Dollar May Touch 2-Month High Versus Loonie: Technical Analysis
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The U.S. dollar may climb toward a two-month high versus its Canadian counterpart after it failed to breach a key support level, Royal Bank of Canada said, citing trading patterns.
The greenback avoided piercing 98.26 Canadian cents, according to George Davis, the bank’s Toronto-based chief technical analyst for fixed income and currency strategy. A close above 99.37 may “expose a pocket of resistance defined by” C$1.0040 and the highs seen in November and August, Davis wrote in a report yesterday.