Forex: USD/CAD recovery capped by 20-day SMA

FXstreet.com (Córdoba) - The greenback fell to a fresh 2-week low against the Loonie, as upbeat Chinese data and optimism a Greek deal will eventually be reached lifted appetite for risk. However weak domestic data weighed on the CAD at the beginning of the session and allowed USDCAD to turn positive.

USDCAD bounced from a low of 0.9951 toward a daily high of 0.9980 before the 20-day SMA capped the recovery. At time of writing, USDCAD is trading at the 0.9975 zone, 0.1% above its opening price.

With US markets closed due to the Thanksgiving Day and in the absence of news, the pair is expected to remain inside today's range.

As for technical levels, immediate resistances are seen at 0.9980 (intraday high), 1.0000 (psychological level) and 1.0020 (high Nov.19). On the downside, supports could be found at 0.9951 (intraday low), 0.9930 (100-day SMA) and 0.9900 (psychological level).