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21 Jun 2013
USD/CAD consolidates at 19-month highs
FXstreet.com (Córdoba) - After soaring to a 19-month high in the wake of lower-than-expected Canadian CPI and retail sales, USD/CAD halted its rally and entered a phase of consolidation.
USD/CAD stalls ahead of 1.0500
USD/CAD climbed over 100 pips throughout the day also supported by USD self strength and hit a peak of 1.0486 before pulling back slightly. However, with the setback being contained by the 1.0450 zone, the USD/CAD was confined to a slim range, and it is presently at 1.0470, where it records a 0.8% gain.
As for technical levels, if USD/CAD breaks above 1.0486, next resistances are seen at 1.0500 (psychological level) and 1.0522 (Nov 25 2011 high). On the other hand, supports on dips are seen at 1.0390 (20-hour SMA) and 1.0360 (daily low).
USD/CAD stalls ahead of 1.0500
USD/CAD climbed over 100 pips throughout the day also supported by USD self strength and hit a peak of 1.0486 before pulling back slightly. However, with the setback being contained by the 1.0450 zone, the USD/CAD was confined to a slim range, and it is presently at 1.0470, where it records a 0.8% gain.
As for technical levels, if USD/CAD breaks above 1.0486, next resistances are seen at 1.0500 (psychological level) and 1.0522 (Nov 25 2011 high). On the other hand, supports on dips are seen at 1.0390 (20-hour SMA) and 1.0360 (daily low).