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14 Mar 2013
Forex: USD/CAD consolidates March lows
Following a 60 pips decline from 1.0275, the USD/CAD found support at 1.0210, lowest level since February 22nd, and currently it is trading in range between 1.0215 and 1.0230. The Canadian dollar was fueled by news from a new refinery in the west coast that should propelled the Canadian national account by $1.6 billion per month.
With this movement, the USD/CAd broke the 1.0250 key support that was holding the pair in range between this level and the 1.0300 price.
With 0.55% losses on the day, the USD/CAD is trading inside a slightly bearish trend according to the FXstreet.com's Forex Studies. MACD, CCI and Momentum indicators are bearish while the Stochastic is bullish.
Below the 1.0210, next supports come 1.0200 and 1.0160. Resistances are at 1.0230, 1.0250 and 1.0280.
With this movement, the USD/CAd broke the 1.0250 key support that was holding the pair in range between this level and the 1.0300 price.
With 0.55% losses on the day, the USD/CAD is trading inside a slightly bearish trend according to the FXstreet.com's Forex Studies. MACD, CCI and Momentum indicators are bearish while the Stochastic is bullish.
Below the 1.0210, next supports come 1.0200 and 1.0160. Resistances are at 1.0230, 1.0250 and 1.0280.