23 Dec 2013
USD/CAD falls ahead of Canadian GDP
FXstreet.com (Córdoba) - The Loonie strengthened a tad in a quiet session and dragged the USD/CAD to fresh daily lows ahead of the release of the Canadian GDP for October.
The USD/CAD is giving up some of its recent gains after it set a fresh 3-year high of 1.0736 on Friday. Following a phase of consolidation, the USD/CAD broke to the downside and hit a low of 1.0621 where the 21-day SMA offered support in recent dealings. At time of writing, the pair is trading at the 1.0625 zone, still 0.1% below its opening price.
USD/CAD levels to watch
In terms of technical levels, the USD/CAD could find immediate supports at 1.0620 (21-day SMA), 1.0600 (Dec 18 low/psychological level) and 1.0575 (Dec 17 low). On the flip side, resistances are seen at 1.0652 (daily high), 1.0670 (Dec 9 high) and 1.0700 (psychological level).
The USD/CAD is giving up some of its recent gains after it set a fresh 3-year high of 1.0736 on Friday. Following a phase of consolidation, the USD/CAD broke to the downside and hit a low of 1.0621 where the 21-day SMA offered support in recent dealings. At time of writing, the pair is trading at the 1.0625 zone, still 0.1% below its opening price.
USD/CAD levels to watch
In terms of technical levels, the USD/CAD could find immediate supports at 1.0620 (21-day SMA), 1.0600 (Dec 18 low/psychological level) and 1.0575 (Dec 17 low). On the flip side, resistances are seen at 1.0652 (daily high), 1.0670 (Dec 9 high) and 1.0700 (psychological level).