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4 Aug 2014
USD/CAD recovery loses pace
FXStreet (Córdoba) - The USD/CAD is advancing for a fifth day in a row Monday, having already shrugged off the post-nonfarm payrolls weakness, although the dollar lacked strength.
The USD/CAD managed to close last week above 1.0900 despite lower-than-expected US employment data weighed on the greenback, and even moved a tad higher Monday. However, the pair was capped by the 1.0930 area and confined to a phase of consolidation.
The USD/CAD has been in recovery mode after bottoming out at 1.0619 early July, although the recovery has been losing pace as the spot moves closer to 1.1000.
USD/CAD technical levels
At time of writing, the USD/CAD is trading at the 1.0920 zone, up 0.07% on the day. In terms of technical levels, immediate resistances could be found at 1.0948 (50.0% Fibo of 1.1277/1.0619), 1.0962 (61.8% Fibo/Jun 5 high) and 1.1000 (psychological level). On the other hand, supports are seen at 1.0850 (Jul 30 low), 1.0844 (200-day SMA) and 1.0800 (psychological level).
The USD/CAD managed to close last week above 1.0900 despite lower-than-expected US employment data weighed on the greenback, and even moved a tad higher Monday. However, the pair was capped by the 1.0930 area and confined to a phase of consolidation.
The USD/CAD has been in recovery mode after bottoming out at 1.0619 early July, although the recovery has been losing pace as the spot moves closer to 1.1000.
USD/CAD technical levels
At time of writing, the USD/CAD is trading at the 1.0920 zone, up 0.07% on the day. In terms of technical levels, immediate resistances could be found at 1.0948 (50.0% Fibo of 1.1277/1.0619), 1.0962 (61.8% Fibo/Jun 5 high) and 1.1000 (psychological level). On the other hand, supports are seen at 1.0850 (Jul 30 low), 1.0844 (200-day SMA) and 1.0800 (psychological level).