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Forex: USD/CAD hits fresh lows beneath 1.0000

1/31/2013 12:12:00 PM
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The US dollar weakened further during the American session, and fell to fresh daily lows versus its Canadian counterpart, amid month-end selling interest and ahead of the NFP.

USD/CAD dipped below the 1.0000 level, where the 200-hour SMA reinforced the support level, and stretched to an 8-day low of 0.9985 before finding support. At time of writing, the cross is trading at the 0.9990 zone, still down 0.2% on the day.

As for technical levels, if the USD/CAD weakens further, next supports are seen at 0.9945 and 0.9925 (21-day MA) ahead of the 0.9900 psychological level. On the other hand, resistances could now be found at 1.0000, 1.0045/50 (100-hour SMA) and 1.0080.