Back
30 Apr 2013
Forex: USD/CAD bounces from 2 ½-month low
FXstreet.com (Córdoba) - The US dollar suffered in the wake of disappointing US Chicago PMI data, which fell to its lowest since September 2009. Meanwhile, the loonie benefited from strong domestic data and against this backdrop, USD/CAD slumped to an 11-week low.
USD/CAD bottomed out at 1.0052 during the New York session, but managed to find some buyers and bounced back to the 1.0075 zone, where it is currently trading, still down 0.3% on the day.
In terms of technical levels, next supports for the cross are seen at 1.0052 (daily low) and 1.0000 (psychological level/low Feb 14). On the other hand, resistances could be found at 1.0120 (daily highs), followed by 1.0170 (high Apr 29).
USD/CAD bottomed out at 1.0052 during the New York session, but managed to find some buyers and bounced back to the 1.0075 zone, where it is currently trading, still down 0.3% on the day.
In terms of technical levels, next supports for the cross are seen at 1.0052 (daily low) and 1.0000 (psychological level/low Feb 14). On the other hand, resistances could be found at 1.0120 (daily highs), followed by 1.0170 (high Apr 29).