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31 Oct 2013
USD/CAD hits 1-week low after Canadian GDP
FXstreet.com (Córdoba) - The USD/CAD fell to a fresh 1-week low as the Loonie strengthened in the wake of better-than-expected Canadian GDP.
Canada's economy grew 0.3% in August, exceeding expectations of a 0.2% rise, but below the 0.6% gain printed in July. Nevertheless, the CAD rose across the board, with USD/CAD printing a low of 1.0419 before bouncing. At time of writing, USD/CAD is trading at the 1.0440 zone, down 0.3% on the day.
USD/CAD technical levels
If USD/CAD breaks decisively below 1.0420, it could extend losses toward 1.0400/1.0397 (psychological level/10-day SMA) and 1.0380 (100-day SMA). On the other hand, resistances could be found at 1.0490/96 (Oct 30 & 31 highs) and 1.0515 (Sep 5 high).
Canada's economy grew 0.3% in August, exceeding expectations of a 0.2% rise, but below the 0.6% gain printed in July. Nevertheless, the CAD rose across the board, with USD/CAD printing a low of 1.0419 before bouncing. At time of writing, USD/CAD is trading at the 1.0440 zone, down 0.3% on the day.
USD/CAD technical levels
If USD/CAD breaks decisively below 1.0420, it could extend losses toward 1.0400/1.0397 (psychological level/10-day SMA) and 1.0380 (100-day SMA). On the other hand, resistances could be found at 1.0490/96 (Oct 30 & 31 highs) and 1.0515 (Sep 5 high).