9 Jul 2013
USD/CAD erases daily losses
FXstreet.com (Córdoba) - The USD/CAD managed to reverse intraday losses during the second half of the European session after hitting a low of 1.0527 amid some profit taking.
USD/CAD eyes 21-month high
However, USD/CAD found firm support at the 1.0525/30 zone and bounced to trade nearly flat on the day at the 1.0550/60 area, not far from its 21-month peak of 1.0607 scored last Friday in the wake of US & Canadian jobs data.
As for technical levels, on the upside, resistances line up at 1.0575 (daily high) and 1.0607 (Jul 5 high) followed by 1.0656 (Oct 4 2011 high), while on the other hand, supports are seen at 1.0525/30 (intraday support) and 1.0515 (200-hour SMA) ahead of 1.0500 (psychological level).
The Calendar is pretty light for Tuesday, with only the US Redbook and Canadian housing starts to be release during the American session.
USD/CAD eyes 21-month high
However, USD/CAD found firm support at the 1.0525/30 zone and bounced to trade nearly flat on the day at the 1.0550/60 area, not far from its 21-month peak of 1.0607 scored last Friday in the wake of US & Canadian jobs data.
As for technical levels, on the upside, resistances line up at 1.0575 (daily high) and 1.0607 (Jul 5 high) followed by 1.0656 (Oct 4 2011 high), while on the other hand, supports are seen at 1.0525/30 (intraday support) and 1.0515 (200-hour SMA) ahead of 1.0500 (psychological level).
The Calendar is pretty light for Tuesday, with only the US Redbook and Canadian housing starts to be release during the American session.