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8 Jan 2014
USD/CAD breaks above 1.0800 for first time since May 2010
FXstreet.com (Córdoba) - The USD/CAD has extended its rally to fresh multi-year highs Wednesday after the decisive break through the 1.0700/26 area paved the way for more gains.
USD/CAD rally was triggered yesterday by poor Canadian November trade data and a weak Ivey PMI was fueled by BoC Governor Poloz saying rates should remain on hold until data improves. The USD/CAD has climbed more than 180 pips over the last hours and peaked at 1.0828, last seen May 25 2010.
USD/CAD levels to watch
At time of writing, the USD/CAD is trading at the 1.0820 zone, recording a 1.8% gain on the day. If the USD/CAD breaks above 1.0853 (May 25 2010 high), it will be trading at its highest level in more than 4 years, while next resistance could be faced at 1.0868 (Nov 2 2009 high). On the flip side, supports are now seen at 1.0778 (20-hour SMA), 1.0760 (daily low) and 1.0736 (Dec 20 high).
USD/CAD rally was triggered yesterday by poor Canadian November trade data and a weak Ivey PMI was fueled by BoC Governor Poloz saying rates should remain on hold until data improves. The USD/CAD has climbed more than 180 pips over the last hours and peaked at 1.0828, last seen May 25 2010.
USD/CAD levels to watch
At time of writing, the USD/CAD is trading at the 1.0820 zone, recording a 1.8% gain on the day. If the USD/CAD breaks above 1.0853 (May 25 2010 high), it will be trading at its highest level in more than 4 years, while next resistance could be faced at 1.0868 (Nov 2 2009 high). On the flip side, supports are now seen at 1.0778 (20-hour SMA), 1.0760 (daily low) and 1.0736 (Dec 20 high).