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9 Jul 2013
USD/CAD nears 1.0500
FXstreet.com (Córdoba) - The USD/CAD resumed the downside and is trading near daily lows after being rejected from the 1.0560 area during the New York session.
USD/CAD consolidates at lows
USD/CAD saw a volatile session. After dropping to a low of 1.0512 in the wake of Canadian housing data, it spiked to a session high of 1.0560 in a bout of USD buying before stabilizing closer to the bottom of the range around 1.0525, where it is 0.4% below its opening price.
In terms of technical levels, on the upside resistances could be faced at 1.0575 (daily high) and 1.0607 (Jul 5 high) followed by 1.0656 (Oct 4 2011 high), while on the other hand, supports are seen at 1.0510 (intraday low) ahead of 1.0500 (psychological level).
USD/CAD consolidates at lows
USD/CAD saw a volatile session. After dropping to a low of 1.0512 in the wake of Canadian housing data, it spiked to a session high of 1.0560 in a bout of USD buying before stabilizing closer to the bottom of the range around 1.0525, where it is 0.4% below its opening price.
In terms of technical levels, on the upside resistances could be faced at 1.0575 (daily high) and 1.0607 (Jul 5 high) followed by 1.0656 (Oct 4 2011 high), while on the other hand, supports are seen at 1.0510 (intraday low) ahead of 1.0500 (psychological level).