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30 Jun 2014
USD/CAD gets a hit at 1.0695
FXStreet (San Francisco) - After attempting to break above the 1.0700 area following the Canadian GDP, the USD/CAD was strongly rejected at this level and now it is breaking previous daily lows around 1.0660.
Canada’s GDP grew 0.1% in April versus 0.2% expected, while it rose 2.1% YoY vs 2.2% expected
Currently, USD/CAD is trading at 1.0659, down 0.05% on the day, having posted a daily high at 1.0698 and low at 1.0656. USD/CAD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index also is neutral.
USD/CAD sentiment
If the pair extends declines below 1.0660, next support would be seen at 1.0608 (Jan 6 low) and 1.0600 (psychological level). On the upside, resistances could be found at 1.0700, 1.0718 (Jun 26 high) and1.0749 (10-day SMA)
Canada’s GDP grew 0.1% in April versus 0.2% expected, while it rose 2.1% YoY vs 2.2% expected
Currently, USD/CAD is trading at 1.0659, down 0.05% on the day, having posted a daily high at 1.0698 and low at 1.0656. USD/CAD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index also is neutral.
USD/CAD sentiment
If the pair extends declines below 1.0660, next support would be seen at 1.0608 (Jan 6 low) and 1.0600 (psychological level). On the upside, resistances could be found at 1.0700, 1.0718 (Jun 26 high) and1.0749 (10-day SMA)