29 Oct 2013
USD/CAD hits 8-week high
FXstreet.com (Córdoba) - The USD/CAD rose to a fresh 8-week high during the New York session as the greenback picked up fresh strength and extended gains versus most competitors.
Despite rather disappointing US data, the USD strengthened Tuesday and reached its highest in near 2 months against the loonie at 1.0467 as investors adjust positions ahead of the FOMC policy decision tomorrow. However, no surprises are expected from the Fed and taper prospects are nearly inexistent, with many analysts arguing that the delayed taper has been already priced in.
USD/CAD levels to watch
At time of writing, USD/CAD is trading at the 1.0460 zone, recording a 0.2% rise on the day, with immediate resistances lining up at 1.0500 (psychological level) and 1.0515 (Sep 5 high), while supports could be found at 1.0427 (daily low) and 1.0410 (Oct 25 low).
Despite rather disappointing US data, the USD strengthened Tuesday and reached its highest in near 2 months against the loonie at 1.0467 as investors adjust positions ahead of the FOMC policy decision tomorrow. However, no surprises are expected from the Fed and taper prospects are nearly inexistent, with many analysts arguing that the delayed taper has been already priced in.
USD/CAD levels to watch
At time of writing, USD/CAD is trading at the 1.0460 zone, recording a 0.2% rise on the day, with immediate resistances lining up at 1.0500 (psychological level) and 1.0515 (Sep 5 high), while supports could be found at 1.0427 (daily low) and 1.0410 (Oct 25 low).