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17 Mar 2014
USD/CAD bounces off lows after data
FXStreet (Córdoba) - The USD/CAD bounced off lows and trimmed losses after data showed foreign investment in Canadian securities rose in January, while US industrial production grew more than expected in February.
The USD/CAD rebounded from a low of 1.1043 and reached a session high of 1.1080 before losing momentum. The greenback was underpinned by better-than-expected industrial production, which rose 0.6% in February versus 0.2% expected. At time of writing, the USD/CAD is trading at the 1.1070 zone, recording a 0.2% loss on the day.
USD/CAD levels to watch
As for technical levels, immediate resistances are seen at 1.1100 (psychological level), 1.1120 (Mar 13 high) and 1.1153 (Mar 11 high). On the other hand, supports are seen at 1.1044 (Mar 17 low) and 1.1000 (psychological level).
The USD/CAD rebounded from a low of 1.1043 and reached a session high of 1.1080 before losing momentum. The greenback was underpinned by better-than-expected industrial production, which rose 0.6% in February versus 0.2% expected. At time of writing, the USD/CAD is trading at the 1.1070 zone, recording a 0.2% loss on the day.
USD/CAD levels to watch
As for technical levels, immediate resistances are seen at 1.1100 (psychological level), 1.1120 (Mar 13 high) and 1.1153 (Mar 11 high). On the other hand, supports are seen at 1.1044 (Mar 17 low) and 1.1000 (psychological level).