7 May 2014
USD/CAD hits daily highs after Canadian data
FXStreet (Córdoba) - The USD/CAD jumped to fresh daily highs at the beginning of the American session as the Loonie weakened on the back of worse-than-expected Canada’s housing data.
Canada's building permits dropped 3.0% in March versus an increase of 4.3% expected, scoring the second monthly decline in a row. The USD/CAD reacted to the upside, reaching a high of 1.0902 before finding resistance. At time of writing, the USD/CAD is trading at 1.0895, virtually unchanged on the day, after posting a 0.55% loss Tuesday.
USD/CAD technical levels
In terms of technical levels, if the USD/CAD regains the 1.0900 area, next resistances could be found at 1.0920 (50-hour SMA) and 1.0960 (May 6 high) ahead of 1.1000 (psychological level). On the other hand, supports are seen at 1.0873 (May 6 low), 1.0857 (Apr 9 low) and 1.0800 (psychological level).
Canada's building permits dropped 3.0% in March versus an increase of 4.3% expected, scoring the second monthly decline in a row. The USD/CAD reacted to the upside, reaching a high of 1.0902 before finding resistance. At time of writing, the USD/CAD is trading at 1.0895, virtually unchanged on the day, after posting a 0.55% loss Tuesday.
USD/CAD technical levels
In terms of technical levels, if the USD/CAD regains the 1.0900 area, next resistances could be found at 1.0920 (50-hour SMA) and 1.0960 (May 6 high) ahead of 1.1000 (psychological level). On the other hand, supports are seen at 1.0873 (May 6 low), 1.0857 (Apr 9 low) and 1.0800 (psychological level).