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19 Feb 2014
USD/CAD drops to 1-month low
FXStreet (Córdoba) - The USD/CAD extended its decline to a fresh 1-month low Wednesday as the greenback weakened ahead of the Fed minutes.
The USD/CAD broke below the 1.0940 zone and accelerated to the downside, hitting a low of 1.0909 in recent dealings. The pair has lost more than 300 pips ever since peaking at 1.1223 on Jan 31st. At time of writing, the USD/CAD is trading around 1.0915, recording a 0.3% loss on the day. Investors will now be watching next round of US data, including housing starts, PPI and Fed speakers ahead of the FOMC minutes.
USD/CAD technical levels
As for technical levels, supports are seen at 1.0904/00 (Jan 16 low/psychological level) and 1.0857 (Jan 14 low), while resistances could be found at 1.0960 (100-hour SMA) and 1.0975 (Feb 18 high) followed by 1.0988 (Feb 14 high) and 1.1000 (psychological level).
The USD/CAD broke below the 1.0940 zone and accelerated to the downside, hitting a low of 1.0909 in recent dealings. The pair has lost more than 300 pips ever since peaking at 1.1223 on Jan 31st. At time of writing, the USD/CAD is trading around 1.0915, recording a 0.3% loss on the day. Investors will now be watching next round of US data, including housing starts, PPI and Fed speakers ahead of the FOMC minutes.
USD/CAD technical levels
As for technical levels, supports are seen at 1.0904/00 (Jan 16 low/psychological level) and 1.0857 (Jan 14 low), while resistances could be found at 1.0960 (100-hour SMA) and 1.0975 (Feb 18 high) followed by 1.0988 (Feb 14 high) and 1.1000 (psychological level).