5 Mar 2014
USD/CAD steadies after hitting 2-week low
FXStreet (Córdoba) - The USD/CAD slumped during the American session Wednesday following Bank of Canada decision to leave rates unchanged at 1.0%.
However, the loonie strengthened as the BoC statement removed reference to benefits from a weaker CAD. The USD/CAD wavered widely as knee-jerk reaction and finally turned south, hitting a 2-week low of 1.1034 before stabilizing.
USD/CAD technical levels
At time of writing, the USD/CAD is trading at the 1.1050 zone, recording a 0.4% loss on the day. Immediate supports are seen at 1.1034 (Mar 5 low), 1.1000 (psychological level) and 1.0967 (Feb 7 low). On the other hand, resistances could now be found at 1.1098/1.1100 (Mar 5 high/psychological level) and 1.1116 (Mar 4 high).
However, the loonie strengthened as the BoC statement removed reference to benefits from a weaker CAD. The USD/CAD wavered widely as knee-jerk reaction and finally turned south, hitting a 2-week low of 1.1034 before stabilizing.
USD/CAD technical levels
At time of writing, the USD/CAD is trading at the 1.1050 zone, recording a 0.4% loss on the day. Immediate supports are seen at 1.1034 (Mar 5 low), 1.1000 (psychological level) and 1.0967 (Feb 7 low). On the other hand, resistances could now be found at 1.1098/1.1100 (Mar 5 high/psychological level) and 1.1116 (Mar 4 high).