Forex: USD/CAD falls to 11-day low on positive sentiment
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USD/CAD
FXstreet.com (Córdoba) - The loonie continues to benefit from the markets' positive mood on Monday, having risen to its highest level in nearly 2 weeks against the US dollar. The Canadian dollar has been underpinned by the broad rebound in stocks amid signs of progress in talks to resolve the fiscal cliff in the US.
USDCAD broke below the 0.9980 support area and stretched to hit a low of 0.9961, last seen Nov 8, before finding next support. At time of writing, USDCAD is quoting at the 0.9965/70 zone, 0.4% below its opening price.
"Break below 0.995 opens up next support level at 0.99 and 0.975 and ultimately 2012 Low around 0.965", said the OANDA analyst team. "Next level of resistance above previous swing high of 1.004/5 would be 1.013 around 61.8% Fib (from 4th Jun high to 15th Sep low)".
USDCAD broke below the 0.9980 support area and stretched to hit a low of 0.9961, last seen Nov 8, before finding next support. At time of writing, USDCAD is quoting at the 0.9965/70 zone, 0.4% below its opening price.
"Break below 0.995 opens up next support level at 0.99 and 0.975 and ultimately 2012 Low around 0.965", said the OANDA analyst team. "Next level of resistance above previous swing high of 1.004/5 would be 1.013 around 61.8% Fib (from 4th Jun high to 15th Sep low)".
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