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9 Sep 2014
USD/CAD breaks above 1.1000, hits 4-month high
FXStreet (Córdoba) - USD/CAD resumed the upside and gathered enough momentum to break above the 1.1000 level to hit its highest level in over 4 months.
The US dollar is enjoying renewed strength and pushing higher, specially against commodity currencies, pushing USD/CAD to a high of 1.1022, last seen April 29. At time of writing, the pair is trading at 1.1010, recording a 0.35% gain on the day.
A small miss in Canadian housing starts also helped to undermine the loonie. Data showed Canadian housing starts fell 3.7% in August to an annualized rate of 192.4K, versus expectations of 195.5K.
USD/CAD technical levels
In terms of technical levels, USD/CAD could find immediate resistances at 1.1022 (intraday high), 1.1052 (Apr 23 high) and 1.1076 (Mar 28 high). On the other hand, supports are seen at 1.0968 (intraday low), 1.0916 (21-day SMA) and 1.0900 (10-day SMA/psychological level).
The US dollar is enjoying renewed strength and pushing higher, specially against commodity currencies, pushing USD/CAD to a high of 1.1022, last seen April 29. At time of writing, the pair is trading at 1.1010, recording a 0.35% gain on the day.
A small miss in Canadian housing starts also helped to undermine the loonie. Data showed Canadian housing starts fell 3.7% in August to an annualized rate of 192.4K, versus expectations of 195.5K.
USD/CAD technical levels
In terms of technical levels, USD/CAD could find immediate resistances at 1.1022 (intraday high), 1.1052 (Apr 23 high) and 1.1076 (Mar 28 high). On the other hand, supports are seen at 1.0968 (intraday low), 1.0916 (21-day SMA) and 1.0900 (10-day SMA/psychological level).