18 Jul 2013
USD/CAD hits fresh lows
FXstreet.com (Córdoba) - The USD/CAD extended its decline during the American afternoon, as the loonie continues to strengthen amid the positive market mood.
CAD supported by oil, stocks rise
USD/CAD broke below the 1.0400 area and 100-hour SMA, stretching to a fresh daily low of 1.0374 in recent dealings with oil and stocks rise underpinning the CAD. However, the pair found support and it was last trading around 1.0380, where it records a 0.2% loss on the day.
In terms of technical levels, on the downside next supports are seen at 1.0355 (Jul 17 low) and 1.0325 (Jul 11 low). On the upside, resistance levels could be faced at the 1.0440/45 area (Jul 16, 17 & 18 highs) followed by 1.0470 (20-day SMA).
CAD supported by oil, stocks rise
USD/CAD broke below the 1.0400 area and 100-hour SMA, stretching to a fresh daily low of 1.0374 in recent dealings with oil and stocks rise underpinning the CAD. However, the pair found support and it was last trading around 1.0380, where it records a 0.2% loss on the day.
In terms of technical levels, on the downside next supports are seen at 1.0355 (Jul 17 low) and 1.0325 (Jul 11 low). On the upside, resistance levels could be faced at the 1.0440/45 area (Jul 16, 17 & 18 highs) followed by 1.0470 (20-day SMA).