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28 Feb 2013
Forex: USD/CAD advances after US, Canadian data
The dollar strengthened against its Canadian counterpart, underpinned by the latest string of Canada and US data. The key Canadian release was the current account report for the fourth quarter, which showed that deficit widened more than expected to C$17.26 billion.
USD/CAD broke above previous daily highs at the 1.0250 area, and stretched toward a fresh high of 1.0279 in recent dealings. At time of writing, the cross is quoting around 1.0275, still up 0.5% on the day.
In terms of technical levels, immediate resistances are seen at 1.0300 (psychological level), 1.0340 (Jun 29 high) and 1.0360 (Jun 28 high). On the other hand supports could be found at 1.0215 (intraday low), 1.0200 (psychological level), and 1.0185 (10-day SMA).
USD/CAD broke above previous daily highs at the 1.0250 area, and stretched toward a fresh high of 1.0279 in recent dealings. At time of writing, the cross is quoting around 1.0275, still up 0.5% on the day.
In terms of technical levels, immediate resistances are seen at 1.0300 (psychological level), 1.0340 (Jun 29 high) and 1.0360 (Jun 28 high). On the other hand supports could be found at 1.0215 (intraday low), 1.0200 (psychological level), and 1.0185 (10-day SMA).