20 Aug 2013
USD/CAD backs away from 1.0400
FXstreet.com (Córdoba) - The USD/CAD trimmed some of its daily gains during the American session after failing to overcome the 1.0400 level even after disappointing Canadian wholesale data.
USD/CAD rallied toward 1.0400 at the beginning of the NY session, but found strong resistance at that level and pulled back to pre-data levels in recent dealings. However, with the correction being contained by the 1.0375 area, the USD/CAD holds onto gains, currently trading at the 1.0380 zone, still up 0.3% on the day.
USD/CAD technical levels
If USD/CAD manages to decisively break above 1.0400, next resistances line up at 1.0430 (Aug 8 high) and 1.0450 (Jul 11 high). Meanwhile, supports are now seen at 1.0375 (intraday level), 1.0345 (session low) and 1.0300 (psychological level).
USD/CAD rallied toward 1.0400 at the beginning of the NY session, but found strong resistance at that level and pulled back to pre-data levels in recent dealings. However, with the correction being contained by the 1.0375 area, the USD/CAD holds onto gains, currently trading at the 1.0380 zone, still up 0.3% on the day.
USD/CAD technical levels
If USD/CAD manages to decisively break above 1.0400, next resistances line up at 1.0430 (Aug 8 high) and 1.0450 (Jul 11 high). Meanwhile, supports are now seen at 1.0375 (intraday level), 1.0345 (session low) and 1.0300 (psychological level).