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22 Apr 2014
USD/CAD threatens 1.1000 level
FXStreet (Córdoba) - The USD/CAD fell to threaten the 1.1000 mark as the Loonie strengthened on the back of better-than-expected Canadian wholesales data.
Canadian wholesale sales rose 1.1%, the largest increase since July 2013, almost doubling the 0.6% increase expected, Statistics Canada said Tuesday. The USD/CAD dropped to a low 1.1002 but found support ahead of the key psychological level. At time of writing, the USD/CAD is trading at 1.1005, virtually unchanged on the day, having hit a high of 1.1023 earlier on the day.
USD/CAD levels to watch
In terms of technical levels, if the USD/CAD breaks below 1.1000, next supports could be found at 1.0983 (Apr 17 low) and 1.0960 (Apr 15, 16 lows). On the other hand, resistances are seen at 1.1023 (Apr 22 high), 1.1034 (Apr 16 high) and 1.1050 (30-day SMA).
Canadian wholesale sales rose 1.1%, the largest increase since July 2013, almost doubling the 0.6% increase expected, Statistics Canada said Tuesday. The USD/CAD dropped to a low 1.1002 but found support ahead of the key psychological level. At time of writing, the USD/CAD is trading at 1.1005, virtually unchanged on the day, having hit a high of 1.1023 earlier on the day.
USD/CAD levels to watch
In terms of technical levels, if the USD/CAD breaks below 1.1000, next supports could be found at 1.0983 (Apr 17 low) and 1.0960 (Apr 15, 16 lows). On the other hand, resistances are seen at 1.1023 (Apr 22 high), 1.1034 (Apr 16 high) and 1.1050 (30-day SMA).