Forex: USD/CAD trims gains as oil bounces
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USD/CAD
FXstreet.com (Córdoba) - The Canadian dollar weakened against the greenback on Wednesday, although it managed to trim part of its early losses during the American afternoon as oil prices moved off daily lows.
After hitting a 1-month peak of 0.9883, USDCAD found resistance and gave up some ground, also weighed by the recovery in US stocks. USDCAD is currently trading at the 0.9860 zone, where it is still 0.2% above its opening price.
As for technical levels, immediate supports are seen at the 0.9835/40 zone, followed by 0.9815 (10-day SMA and 200-hour EMA) and 0.9780 (Sept 28 low). On the other hand, resistances could be found at 0.9883 (intraday high), 0.9900 (psychological level) and 0.9920 (daily high Sept 5).
After hitting a 1-month peak of 0.9883, USDCAD found resistance and gave up some ground, also weighed by the recovery in US stocks. USDCAD is currently trading at the 0.9860 zone, where it is still 0.2% above its opening price.
As for technical levels, immediate supports are seen at the 0.9835/40 zone, followed by 0.9815 (10-day SMA and 200-hour EMA) and 0.9780 (Sept 28 low). On the other hand, resistances could be found at 0.9883 (intraday high), 0.9900 (psychological level) and 0.9920 (daily high Sept 5).
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