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Forex: USD/CAD remains in session lows

By FXstreet.com,  January 04, 2013, 12:19:00 PM EDT

FXstreet.com (Barcelona) - The Loonie continues its sharp appreciation against its fellow neighbor on Friday, after the Canadian jobless rate ticked lower to 7.1% during December, beating expectations and November's print, dragging the cross from the 0.9920 region to the actual lows in the mid 0.9800s

"Prices are rebounding from support at 0.9844… Near term resistance is at 0.9894, the 38.2% retracement, with a push above that aiming for the December 28 swing high at 0.9969. Alternatively, a reversal below support targets the 61.8% Fib at 0.9794", writes Currency Strategist I.Spivak at DailyFX.

At the moment, USD/CAD is down 0.21% at 0.9856 with the immediate support at 0.9836 (low Jan.2) ahead of 0.9832 (low Dec.18) and 0.9825 (low Dec.13).
On the upside, a surpass of 0.9922 (MA10d) would clear the way to 0.9943 (high Jan.2) and then 0.9969 (high Dec.28).




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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