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29 Apr 2013
Forex: USD/CAD falls to 2-week low
FXstreet.com (Córdoba) - Commodity currencies are outperforming on Monday underpinned by the positive market's mood and rising stocks in Europe and the US.
Against this backdrop, USD/CAD extended its slide during the NY session, and having broken below the 1.0130 support zone, it recently hit a low of 1.0113 before finding support. At time of writing, USD/CAD is trading around 1.0120, 0.5% below its opening price.
As for technical levels, if the CAD manages to drag the cross below 1.0100, next supports are seen at 1.0182 (low Apr 11) and 1.0170 (100-day SMA). On the upside, resistances could be found at 1.0170 (daily high) and 1.0200 (psychological level).
Against this backdrop, USD/CAD extended its slide during the NY session, and having broken below the 1.0130 support zone, it recently hit a low of 1.0113 before finding support. At time of writing, USD/CAD is trading around 1.0120, 0.5% below its opening price.
As for technical levels, if the CAD manages to drag the cross below 1.0100, next supports are seen at 1.0182 (low Apr 11) and 1.0170 (100-day SMA). On the upside, resistances could be found at 1.0170 (daily high) and 1.0200 (psychological level).