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7 Jan 2014
USD/CAD soars to fresh 3 ½-year high
FXstreet.com (Córdoba) - The USD/CAD strengthened further and broke above the 1.0700 level after data showed the US trade deficit narrowed while the Canadian gap rose in November. The rally was fueled by disappointing Canadian Ivey PMI which came in at 46.3 versus 54.5 expected.
The USD/CAD triggered stops and rallied through December's highs at 1.0736 to hit its strongest since May 2010 at 1.0759 so far. At time of writing, the USD/CAD is trading at the 1.0750 area, recording 0.9% gain Tuesday.
USD/CAD levels to watch
In terms of technical levels, above 1.0759 next resistances could be found at 1.0800 (psychological level) and 1.0853 (May 25 2013 high). On the other hand, supports are now seen at 1.0650 (daily low), 1.0600 (Jan 3 low/psychological level) and 1.0589 (Jan 2 low).
The USD/CAD triggered stops and rallied through December's highs at 1.0736 to hit its strongest since May 2010 at 1.0759 so far. At time of writing, the USD/CAD is trading at the 1.0750 area, recording 0.9% gain Tuesday.
USD/CAD levels to watch
In terms of technical levels, above 1.0759 next resistances could be found at 1.0800 (psychological level) and 1.0853 (May 25 2013 high). On the other hand, supports are now seen at 1.0650 (daily low), 1.0600 (Jan 3 low/psychological level) and 1.0589 (Jan 2 low).