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Forex: USD/CAD reaches 1-month high

By FXstreet.com,  December 27, 2012, 03:12:00 PM EDT

FXstreet.com (Córdoba) - The US dollar managed to reverse early losses and climbed toward its highest in a month versus the Loonie, underpinned by the risk aversion flows due to the political stalemate in the US fiscal cliff talks.

USD/CAD bounced from a 6-day low of 0.9907 and climbed to its highest level in a month at 0.9957 before easing a tad. At time of writing, USD/CAD is trading at the 0.9950 area, recording a 0.1% gain on Thursday.

As for technical levels, next resistances are seen at 0.9957 (intraday high), 0.9990 (Dec 21 high) and the 1.0000 psychological level, while on the downside, supports could be found at 0.9907 (daily low), 0.9875 (Dec 21 low) and 0.9850 (Dec 19 low).




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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