7 Nov 2013
USD/CAD hits daily lows, data eyed
FXstreet.com (Córdoba) - The USD/CAD extended losses into a second day Thursday erasing completely previous weekly gains, after strong Ivey PPMI gave the loonie a boost yesterday.
The USD/CAD took another step lower and printed a 3-day low of 1.0409 although ahead of a batch of US data, including the preliminary US Q3 GDP, the CAD lacked momentum to drag the pair below the 1.0400 mark. At time of writing, USD/CAD is trading at the 1.0410 zone, recoding a 0.1% loss on the day.
USD/CAD levels to watch
In terms of technical levels, if USD/CAD breaks decisively below 1.0410, next supports are seen at 1.0397 (Nov 4 low) and 1.0388 (100-day SMA). On the other hand, resistances could be found at 1.0423 (daily high) and 1.0440 (10-day SMA).
The USD/CAD took another step lower and printed a 3-day low of 1.0409 although ahead of a batch of US data, including the preliminary US Q3 GDP, the CAD lacked momentum to drag the pair below the 1.0400 mark. At time of writing, USD/CAD is trading at the 1.0410 zone, recoding a 0.1% loss on the day.
USD/CAD levels to watch
In terms of technical levels, if USD/CAD breaks decisively below 1.0410, next supports are seen at 1.0397 (Nov 4 low) and 1.0388 (100-day SMA). On the other hand, resistances could be found at 1.0423 (daily high) and 1.0440 (10-day SMA).