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18 Dec 2013
USD/CAD hits weekly highs
FXstreet.com (Córdoba) - The USD/CAD rose to fresh weekly highs during the New York session as strong housing data gave the US dollar a boost.
The USD/CAD managed to hold above the 1.0600 mark Wednesday and eventually picked up momentum and rallied to a high of 1.0647 propelled by US data. Not even stronger-than-expected Canadian wholesales sales was enough to offset greenback's strength. At time of writing, the USD/CAD is trading near highs at the 1.0645 zone, recording a 0.4% gain ahead of the FOMC decision.
USD/CAD technical levels
As for technical levels, if the USD/CAD breaks above 1.0647/50, next resistances could be found at 1.0670 (Dec 9 & 13 highs) and 1.0700 (psychological level). On the flip side, supports are seen at 1.0601/00 (daily low/psychological level) and 1.0575 (Dec 17 low) ahead of 1.0560 (Dec 12 low).
The USD/CAD managed to hold above the 1.0600 mark Wednesday and eventually picked up momentum and rallied to a high of 1.0647 propelled by US data. Not even stronger-than-expected Canadian wholesales sales was enough to offset greenback's strength. At time of writing, the USD/CAD is trading near highs at the 1.0645 zone, recording a 0.4% gain ahead of the FOMC decision.
USD/CAD technical levels
As for technical levels, if the USD/CAD breaks above 1.0647/50, next resistances could be found at 1.0670 (Dec 9 & 13 highs) and 1.0700 (psychological level). On the flip side, supports are seen at 1.0601/00 (daily low/psychological level) and 1.0575 (Dec 17 low) ahead of 1.0560 (Dec 12 low).