29 Apr 2016
USD/CAD bounces from fresh 9-month lows
USD/CAD bounced from fresh 2016 lows and reversed intraday losses as the loonie weakened in tandem with oil prices, with WTI moving away from recent highs near $47.00 a barrel.
Despite broad USD weakness, USD/CAD turned higher and erased intraday losses also helped by negative Canadian GDP figures. The pair reached a daily high of 1.2560 and it was last trading at 1.2553, little changed on the day. USD/CAD however, remains on track to post a weekly loss of around 0.78%, the fifth in a row.
USD/CAD levels to consider
On the upside, immediate resistances could be found at 1.2605 (Apr 28 high), 1.2649 (10-day SMA) and 1.2685 (Apr 26 high). On the other hand, next supports are seen at 1.2497 (2016 low, Apr 29), 1.2474 (Jul 1 2015 low) and 1.2397 (100-week SMA).
Despite broad USD weakness, USD/CAD turned higher and erased intraday losses also helped by negative Canadian GDP figures. The pair reached a daily high of 1.2560 and it was last trading at 1.2553, little changed on the day. USD/CAD however, remains on track to post a weekly loss of around 0.78%, the fifth in a row.
USD/CAD levels to consider
On the upside, immediate resistances could be found at 1.2605 (Apr 28 high), 1.2649 (10-day SMA) and 1.2685 (Apr 26 high). On the other hand, next supports are seen at 1.2497 (2016 low, Apr 29), 1.2474 (Jul 1 2015 low) and 1.2397 (100-week SMA).