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12 Jun 2014
USD/CAD hits 10-day low, oil gains weigh
FXStreet (Córdoba) - The USD/CAD fell to a fresh 10-day low during the New York session as disappointing US data weighed on the greenback while soaring oil prices are underpinning the loonie.
The USD/CAD managed to break below the 1.0850 area and fell to a low of 1.0841 with the loonie benefitting from higher oil prices. Crude futures reached 9-month highs above $106.00 a barrel as turmoil in Iraq prompted concerns about oil supply.
USD/CAD levels to watch
At time of writing, the USD/CAD is trading at 1.0850, 0.15% below its opening price, extending the decline into a fourth day. To the downside, immediate supports are seen at 1.0841/38 (Jun 12 & 2 lows), 1.0813 (May 8 low) and 1.0800 (psychological level). To the upside, resistances could be found at 1.0869 (Jun 12 high), 1.0884 (21-day SMA) and the 1.0905 area (Jun 11 high).
The USD/CAD managed to break below the 1.0850 area and fell to a low of 1.0841 with the loonie benefitting from higher oil prices. Crude futures reached 9-month highs above $106.00 a barrel as turmoil in Iraq prompted concerns about oil supply.
USD/CAD levels to watch
At time of writing, the USD/CAD is trading at 1.0850, 0.15% below its opening price, extending the decline into a fourth day. To the downside, immediate supports are seen at 1.0841/38 (Jun 12 & 2 lows), 1.0813 (May 8 low) and 1.0800 (psychological level). To the upside, resistances could be found at 1.0869 (Jun 12 high), 1.0884 (21-day SMA) and the 1.0905 area (Jun 11 high).