Forex: USD/CAD falls after economic data
Forex pairs in this Article »
USD/CAD
FXstreet.com (Córdoba) - The Canadian dollar strengthened and dragged USDCAD to fresh daily lows after economic data showed foreign investment in Canadian securities remained robust in October, while in the US the Empire State manufacturing index showed contraction for fifth month in a row.
USDCAD dropped nearly 30 pips after the data and touched a low of 0.9845 before finding support. At time of writing, the pair is trading at the 0.9850 area, 0.1% below its opening price.
If the pair breaks below the 0.9845 area, next supports could be found at 0.9825 (Dec 13 low) and 0.9800 (psychological level), while on the other hand, resistances are now seen at 0.9880 (intraday high) and 0.9900 (psychological level) ahead of 0.9932 (Dec 7 high).
USDCAD dropped nearly 30 pips after the data and touched a low of 0.9845 before finding support. At time of writing, the pair is trading at the 0.9850 area, 0.1% below its opening price.
If the pair breaks below the 0.9845 area, next supports could be found at 0.9825 (Dec 13 low) and 0.9800 (psychological level), while on the other hand, resistances are now seen at 0.9880 (intraday high) and 0.9900 (psychological level) ahead of 0.9932 (Dec 7 high).
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