USD/CAD back below 1.0500

FXstreet.com (Córdoba) - USD/CAD failed to sustain gains during the American afternoon and dipped back below the 1.0500 level as risk aversion eased and stocks recovered ground.

USD/CAD reverses daily gains

After peaking at a 20-month high of 1.0555, USD/CAD turned lower and has completely erased its daily gains to trade flat at the 1.0480/85 zone.

As for technical levels, USD/CAD could find next supports at 1.0465 (daily low) and 1.0400 (psychological level), while resistances line up at 1.0555 (daily high) and 1.0575 (Oct 5 2011 high).