7 Aug 2013
USD/CAD extends gains as Canadian building permits drop
FXstreet.com (Córdoba) - The Canadian dollar weakened further after Canadian building permits fell for the first time in six months in June and almost four times more than expected (-10.3% vs -3.2%).
USD/CAD broke above the 1.0425 resistance area and stretched to fresh daily highs on the data, peaking at 1.0437 in recent dealings. At time of writing, USD/CAD is trading around 1.0430, where it records a 0.6% gain on the day.
USD/CAD technical levels
As for technical levels, if USD/CAD breaks decisively above 1.0440 (Jul 16 high) it could find immediate resistances at 1.0470 (Jul 11 high) and 1.0500 (psychological level), while on the flip side, supports are seen at 1.0370 (100-hour SMA/daily low) and 1.0345 (Aug 6 low).
USD/CAD broke above the 1.0425 resistance area and stretched to fresh daily highs on the data, peaking at 1.0437 in recent dealings. At time of writing, USD/CAD is trading around 1.0430, where it records a 0.6% gain on the day.
USD/CAD technical levels
As for technical levels, if USD/CAD breaks decisively above 1.0440 (Jul 16 high) it could find immediate resistances at 1.0470 (Jul 11 high) and 1.0500 (psychological level), while on the flip side, supports are seen at 1.0370 (100-hour SMA/daily low) and 1.0345 (Aug 6 low).