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16 Jul 2013
USD/CAD bounces and erases daily losses
FXstreet.com (Córdoba) - The USD/CAD fell to fresh daily lows following the US CPI and Canadian manufacturing sales, but momentum was lacking and the decline short-lived.
USD/CAD briefly dips below 1.0400
USD/CAD dipped to a low of 1.0398 only to bounce back to the 1.0435 area erasing completely its intraday losses, with the most recent release of US industrial production data having little effect on the pair.
At time of writing, USD/CAD is trading around 1.0425/30, where it is virtually unchanged since opening. As for technical levels, immediate resistances are seen at 1.0440 (daily high) and 1.0460 (21-day SMA), while supports could be found at 1.0400/1.0398 (psychological level/daily low) and 1.0375 (Jul 15 low).
USD/CAD briefly dips below 1.0400
USD/CAD dipped to a low of 1.0398 only to bounce back to the 1.0435 area erasing completely its intraday losses, with the most recent release of US industrial production data having little effect on the pair.
At time of writing, USD/CAD is trading around 1.0425/30, where it is virtually unchanged since opening. As for technical levels, immediate resistances are seen at 1.0440 (daily high) and 1.0460 (21-day SMA), while supports could be found at 1.0400/1.0398 (psychological level/daily low) and 1.0375 (Jul 15 low).