12 Aug 2015
USD/CAD hovers below 1.3000
FXStreet (Córdoba) - USD/CAD is looking to stabilize near daily lows at sub-1.3000 levels after plunging over 200 pips amid broad USD weakness following PBoC latest actions.
USD/CAD fell sharply and bottomed out at a 2-week low of 1.2951 before entering a consolidation phase just below 1.3000. At time of writing, the pair is trading at 1.2980, recording a 0.97% loss on the day.
The Canadian dollar lost more than 1300 pips over the last 3 months versus the greenback, weighed by oil prices and a BoC rate cut. However, the loonie has managed to cut some of its recent losses, with USD/CAD pulling back from a 11-year peak of 1.3213 scored a week ago.
USD/CAD technical levels
In terms of technical levels, next supports are seen at 1.2951 (Aug 12 low), 1.2910 (Jul 28 low) and 1.2860 (Jul 29 low). On the flip side, resistances could be found at 1.3035 (21-day SMA), 1.3100 (psychological level) and 1.3156 (Aug 12 high).
USD/CAD fell sharply and bottomed out at a 2-week low of 1.2951 before entering a consolidation phase just below 1.3000. At time of writing, the pair is trading at 1.2980, recording a 0.97% loss on the day.
The Canadian dollar lost more than 1300 pips over the last 3 months versus the greenback, weighed by oil prices and a BoC rate cut. However, the loonie has managed to cut some of its recent losses, with USD/CAD pulling back from a 11-year peak of 1.3213 scored a week ago.
USD/CAD technical levels
In terms of technical levels, next supports are seen at 1.2951 (Aug 12 low), 1.2910 (Jul 28 low) and 1.2860 (Jul 29 low). On the flip side, resistances could be found at 1.3035 (21-day SMA), 1.3100 (psychological level) and 1.3156 (Aug 12 high).