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6 Sep 2013
USD/CAD records first loss in 4 weeks
FXstreet.com (Córdoba) - After dropping over 120 pips throughout the day, the USD/CAD seems to have found an interim bottom at the 1.0380 area and settled in a range.
USD/CAD struggling around 1.0400
The Loonie strengthened on Friday, underpinned by strong jobs data for Canada, which coupled with disappointing US data, sent USD/CAD to fresh 2-week lows sub-1.0400. However, the pair has managed to trim losses during the American afternoon and is on track to close the week around the 1.0400 mark, down 1.0% on the day and 1.2% this week.
USD/CAD technical levels
In terms of technical levels, immediate supports are seen at 1.0381 (daily low) and 1.0330 (100-day SMA), while resistances line up at 1.0440 (20-day SMA) and the 1.0500/05 zone (psychological level/daily high).
USD/CAD struggling around 1.0400
The Loonie strengthened on Friday, underpinned by strong jobs data for Canada, which coupled with disappointing US data, sent USD/CAD to fresh 2-week lows sub-1.0400. However, the pair has managed to trim losses during the American afternoon and is on track to close the week around the 1.0400 mark, down 1.0% on the day and 1.2% this week.
USD/CAD technical levels
In terms of technical levels, immediate supports are seen at 1.0381 (daily low) and 1.0330 (100-day SMA), while resistances line up at 1.0440 (20-day SMA) and the 1.0500/05 zone (psychological level/daily high).