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28 Nov 2013
USD/CAD erases losses after Canadian data
FXstreet.com (Córdoba) - The USD/CAD rose to retest daily highs after Canadian data showed current account deficit unexpectedly widened in the third quarter while industrial product price dropped less than anticipated.
The USD/CAD rebounded from a low of 1.0570 during the European session and climbed to a high of 1.0597 most recently but it has failed to break above the 1.0600 mark amid low liquidity given the US Thanksgiving holiday. At time of writing, the USD/CAD is trading at the 1.0595 zone, a few pips above its opening price.
USD/CAD technical levels
In terms of technical levels, the USD/CAD could find immediate resistances at 1.0601 (Nov 27 high) and 1.0609 (2013 high Jul 5) ahead of 1.0658 (2011 high Oct 4). On the other hand, supports are seen at 1.0570 (daily low) and 1.0555 (10-hour SMA).
The USD/CAD rebounded from a low of 1.0570 during the European session and climbed to a high of 1.0597 most recently but it has failed to break above the 1.0600 mark amid low liquidity given the US Thanksgiving holiday. At time of writing, the USD/CAD is trading at the 1.0595 zone, a few pips above its opening price.
USD/CAD technical levels
In terms of technical levels, the USD/CAD could find immediate resistances at 1.0601 (Nov 27 high) and 1.0609 (2013 high Jul 5) ahead of 1.0658 (2011 high Oct 4). On the other hand, supports are seen at 1.0570 (daily low) and 1.0555 (10-hour SMA).