21 Jul 2015
USD/CAD backs away from 1.3000
FXStreet (Córdoba) - USD/CAD fell sharply at the beginning of the New York session and trimmed recent gains, as the greenback weakened across the board and gave up ground versus commodity currencies.
USD/CAD backed away from the 1.3000 area where it peaked on Monday, scoring its highest level in 6-years. The Loonie has been under broad pressure over the last month, with weakness intensifying after the BoC decided to cut interest rates last week. However, the CAD has managed to recover some territory on Tuesday as the dollar stages a downward correction amid profit taking.
USD/CAD key levels
At time of writing, USD/CAD is trading at 1.2935, 0.43% below its opening price with immediate supports seen at 1.2915 (Jul 21 low), 1.2900 (psychological level) and 1.2837 (10-day SMA). On the other hand, resistances could be found at 1.3012 (Jul 21 high), 1.3023 (6-year high Jul 20) and 1.3062 (Mar 9 2009 high).
USD/CAD backed away from the 1.3000 area where it peaked on Monday, scoring its highest level in 6-years. The Loonie has been under broad pressure over the last month, with weakness intensifying after the BoC decided to cut interest rates last week. However, the CAD has managed to recover some territory on Tuesday as the dollar stages a downward correction amid profit taking.
USD/CAD key levels
At time of writing, USD/CAD is trading at 1.2935, 0.43% below its opening price with immediate supports seen at 1.2915 (Jul 21 low), 1.2900 (psychological level) and 1.2837 (10-day SMA). On the other hand, resistances could be found at 1.3012 (Jul 21 high), 1.3023 (6-year high Jul 20) and 1.3062 (Mar 9 2009 high).