20 Nov 2013
USD/CAD threatens support level
FXstreet.com (Córdoba) - The USD/CAD continues to correct lower following yesterday's rally even after the latest string of data showed US retail sales grew more than expected while Canadian wholesale sales disappointed.
Data published Wednesday showed Canadian wholesale sales rose 0.2% in September, missing expectations of a 0.4% increase. The USD/CAD however, edged lower after the data but it has managed to hold above the 1.0440 area which contained the latest bearish attempt. At time of writing, USD/CAD is trading at the 1.0450 zone, recording a 0.2% loss on the day.
USD/CAD levels to watch
On the downside, if the USD/CAD breaks below 1.0440, next supports could be faced at 1.0414 (Nov 19 & 18 lows) ahead of 1.0400 (psychological level). On the upside, resistances are seen at 1.0473 (daily high) and 1.0484 (Nov 19 high).
Data published Wednesday showed Canadian wholesale sales rose 0.2% in September, missing expectations of a 0.4% increase. The USD/CAD however, edged lower after the data but it has managed to hold above the 1.0440 area which contained the latest bearish attempt. At time of writing, USD/CAD is trading at the 1.0450 zone, recording a 0.2% loss on the day.
USD/CAD levels to watch
On the downside, if the USD/CAD breaks below 1.0440, next supports could be faced at 1.0414 (Nov 19 & 18 lows) ahead of 1.0400 (psychological level). On the upside, resistances are seen at 1.0473 (daily high) and 1.0484 (Nov 19 high).