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7 Oct 2013
USD/CAD bounces from below 1.0300
FXstreet.com (Córdoba) - The USD/CAD fell sharply and completely erased intraday gains during the American session, as market sentiment improved and gave currencies linked to commodities a decent boost.
However, the loonie was unable to drag the USD/CAD decisively below the 1.0300 psychological level and after hitting a low of 1.0296 the pair bounced back to the 1.0315 zone. At time of writing, USD/CAD is trading at mid-range around 1.0310, where it records a 0.2% gain on the day.
USD/CAD levels to watch
As for technical levels, immediate resistances for USD/CAD line up at 1.0340 (Oct 4 high) and 1.0363 (100-day SMA), while supports are seen at 1.0290 (daily low) and 1.0230 (200-day SMA).
However, the loonie was unable to drag the USD/CAD decisively below the 1.0300 psychological level and after hitting a low of 1.0296 the pair bounced back to the 1.0315 zone. At time of writing, USD/CAD is trading at mid-range around 1.0310, where it records a 0.2% gain on the day.
USD/CAD levels to watch
As for technical levels, immediate resistances for USD/CAD line up at 1.0340 (Oct 4 high) and 1.0363 (100-day SMA), while supports are seen at 1.0290 (daily low) and 1.0230 (200-day SMA).