12 Dec 2013
USD/CAD hits 2-week low
FXstreet.com (Córdoba) - The USD/CAD broke to the downside and extended its decline to a fresh 2-week low during the European session as the loonie picked up momentum in tandem with other commodity currencies.
The USD/CAD accelerated lower on the break of the 1.0580 support zone and fell to its lowest level since Nov 29 at 1.0560, roughly at the same level it bottomed out that day. The USD/CAD is currently trading at the 1.0570 area, recording a 0.2% loss Thursday, its sixth daily drop in a row. During the American session, Canada will publish October new house price index and capacity of utilization figures, while the US will release a batch of economic data, including jobless claims and retail sales.
USD/CAD technical levels
As for technical levels, if the USD/CAD falls below 1.0560/58 (daily low/Nov 29 low) it could move towards 1.0530 (Nov 27 low) and 1.0500 (psychological level). On the other hand, resistances are seen at 1.0596 (daily high) and 1.0619 (Dec 11 high) ahead of 1.0628 (10-day SMA).
The USD/CAD accelerated lower on the break of the 1.0580 support zone and fell to its lowest level since Nov 29 at 1.0560, roughly at the same level it bottomed out that day. The USD/CAD is currently trading at the 1.0570 area, recording a 0.2% loss Thursday, its sixth daily drop in a row. During the American session, Canada will publish October new house price index and capacity of utilization figures, while the US will release a batch of economic data, including jobless claims and retail sales.
USD/CAD technical levels
As for technical levels, if the USD/CAD falls below 1.0560/58 (daily low/Nov 29 low) it could move towards 1.0530 (Nov 27 low) and 1.0500 (psychological level). On the other hand, resistances are seen at 1.0596 (daily high) and 1.0619 (Dec 11 high) ahead of 1.0628 (10-day SMA).