USD/CAD rises to 6-week highs at 1.0499; targets 1.0500

FXstreet.com (Chicago) - USD/CAD continues steady climb pulverizing two resistances to set new session highs at 1.0499 as market participants react to Chinese manufacturing data ahead of the Jackson Hole Symposium.

Price action reveals a strong bullish sentiment among market participants as the pair rose almost 80 pips from 1.0438 to 1.0493 within hours. At 1.0493, the pair trades close to 1.0500 (psychological resistance) facing 1.0526 (July 10th highs) and 1.0545 (July 8th lows) if limits are surpassed. On the downside, supports are set at 1.0486 (June 20th lows), 1.0471 (July 4th lows) followed by 1.0458 (June 23rd lows).

According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis, trading above the EMA20 and with a MACD indicator pointing up.