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1 Jul 2014
USD/CAD inches down, nears 5-month low
FXStreet (Córdoba) - The USD/CAD edged a tad lower at the beginning of the American session and remains near multi-month lows as investors await the next series of US data.
With the latest recovery attempt being capped by the 1.0675 zone, the USD/CAD came under renewed pressure Tuesday as the dollar remains on the defensive following yesterday’s sell-off. At time of writing, the USD/CAD is trading at 1.0655, down % on the day and not far from its 5-month low of 1.0645.
USD/CAD levels to watch
In terms of technical levels, the USD/CAD could find next supports at 1.0645 (Jun 30 low), 1.0608 (Jan 6 low) and 1.0600 (psychological level). On the other hand, resistances are seen at 1.0695/1.0700 (Jan 30 high/psychological level), 1.0726 (10-day SMA) and 1.0750 (Jun 25 high).
With the latest recovery attempt being capped by the 1.0675 zone, the USD/CAD came under renewed pressure Tuesday as the dollar remains on the defensive following yesterday’s sell-off. At time of writing, the USD/CAD is trading at 1.0655, down % on the day and not far from its 5-month low of 1.0645.
USD/CAD levels to watch
In terms of technical levels, the USD/CAD could find next supports at 1.0645 (Jun 30 low), 1.0608 (Jan 6 low) and 1.0600 (psychological level). On the other hand, resistances are seen at 1.0695/1.0700 (Jan 30 high/psychological level), 1.0726 (10-day SMA) and 1.0750 (Jun 25 high).