25 Sep 2013
USD/CAD consolidates above 1.0300
FXstreet.com (Córdoba) - The USD/CAD trades a touch firmer Wednesday as high-yielding currencies remain pressured by concerns over the US budget impasse.
The USD/CAD climbed back above 1.0300 and has spent the last hours consolidating just above that level with the release of US durable goods orders going virtually unnoticed. However, USD/CAD found resistance at the 1.0320 zone during the European session, just ahead of 1.0327 the 38.2% retracement target of the 1.0557/1.0182 drop that began early September. At time of writing, USD/CAD is trading at the 1.0315 area, posting a 0.2% gain on the day.
USD/CAD technical levels
On the upside, if USD/CAD manages to overcome the 1.0320/27 area (daily highs/Fibo level), next resistances are seen at 1.0350 (100-day SMA) and 1.0370 (50% Fibo level) ahead of 1.0400 (psychological level). On the downside, supports could be found at 1.0295 (10-day SMA) and 1.0270 (Sep 24 low).
The USD/CAD climbed back above 1.0300 and has spent the last hours consolidating just above that level with the release of US durable goods orders going virtually unnoticed. However, USD/CAD found resistance at the 1.0320 zone during the European session, just ahead of 1.0327 the 38.2% retracement target of the 1.0557/1.0182 drop that began early September. At time of writing, USD/CAD is trading at the 1.0315 area, posting a 0.2% gain on the day.
USD/CAD technical levels
On the upside, if USD/CAD manages to overcome the 1.0320/27 area (daily highs/Fibo level), next resistances are seen at 1.0350 (100-day SMA) and 1.0370 (50% Fibo level) ahead of 1.0400 (psychological level). On the downside, supports could be found at 1.0295 (10-day SMA) and 1.0270 (Sep 24 low).