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4 Jul 2013
USD/CAD plunges below 1.0500 level
FXstreet.com (New York) - The USD/CAD foreign exchange rate took a tumble off recent highs at 1.0559, falling over 50 pips across US trading to fall below the 1.0500 barrier.
USD/CAD erases daily gains
Presently, the USD/CAD technical pair is now trading at just 1.0480, incurring a loss of -0.21% in these moments. The Danske Research Team has identified the next resistances at 1.0578, then 1.0658, and finally 1.0674. On the decline, supports will be encountered at 1.0485, then 1.0454, and eventually 1.0421.
USD/CAD slide to 1.0400 possible
According to the TD Securities Team, “The USD/CAD managed to poke above the upper end of the 1.0420/1.0550 range earlier this week, but the inability to sustainably hold above that level leaves the broader neutral trend intact for now. Price action has been concentrated in the upper end of the range so far this week, but we could see a slide as low as the mid 1.0400 area, without altering the consolidation theme.”
USD/CAD erases daily gains
Presently, the USD/CAD technical pair is now trading at just 1.0480, incurring a loss of -0.21% in these moments. The Danske Research Team has identified the next resistances at 1.0578, then 1.0658, and finally 1.0674. On the decline, supports will be encountered at 1.0485, then 1.0454, and eventually 1.0421.
USD/CAD slide to 1.0400 possible
According to the TD Securities Team, “The USD/CAD managed to poke above the upper end of the 1.0420/1.0550 range earlier this week, but the inability to sustainably hold above that level leaves the broader neutral trend intact for now. Price action has been concentrated in the upper end of the range so far this week, but we could see a slide as low as the mid 1.0400 area, without altering the consolidation theme.”