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USD/CAD holds above key support level

By FXstreet.com,  July 04, 2012, 12:35:00 PM EDT

FXstreet.com (Córdoba) - USD/CAD remains locked in tight range and trades nearly flat on Wednesday amid low volume in FX markets as US celebrates the Independence Day. USD/CAD hit a fresh 7-week low of 1.0118 during the Asian session, but lost momentum and has been trading in a 20-pip range ever since.

Despite Canadian dollar recent strength, USD/CAD has failed to break decisively below the 1.0120/15 support zone, where the 50% retracement of the 0.9798/1.0444 rally and the 200-day SMA converge. At time of writing, USD/CAD is trading at the 1.0125 area.

In terms of technical levels, below 1.0120 next supports are seen at 1.0100, and the 1.0045/50 area (61.8% retracement and 100-day SMA). On the upside, resistances could be found at 1.0150, 1.0170 and 1.0200.




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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