Forex: USD/CAD extends gains and tests resistance
Forex pairs in this Article »
USD/CAD
FXstreet.com (Córdoba) - The dollar extended gains versus currencies linked to commodities after data showed the US GDP contracted for first time since last recession in Q4 2012. The GDP weighed on the greenback, but also weighed on the CAD, as the Canadian economy is heavily dependent on the US.
USDCAD, that was already trading above parity, surged to a fresh daily high of 1.0051, where the 100-hour SMA helped to cap the upside. At time of writing, USDCAD is quoting at the 1.0040/45 zone, recording a 0.4% daily gain.
As for technical levels, if the USDCAD breaks above the 1.0050 zone, next resistances are seen at 1.0070, and 1.0100 (double top Jan 25/28). On the downside, supports could be found at 1.0010 (hourly high/lows Jan 24) and 0.9987 (200-day MA).
USDCAD, that was already trading above parity, surged to a fresh daily high of 1.0051, where the 100-hour SMA helped to cap the upside. At time of writing, USDCAD is quoting at the 1.0040/45 zone, recording a 0.4% daily gain.
As for technical levels, if the USDCAD breaks above the 1.0050 zone, next resistances are seen at 1.0070, and 1.0100 (double top Jan 25/28). On the downside, supports could be found at 1.0010 (hourly high/lows Jan 24) and 0.9987 (200-day MA).
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