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1 Mar 2013
Forex: USD/CAD falls below 1.0300
The CAD is trading firmer versus the greenback helped by Canadian GDP readings and as risk sentiment improved a tad after positive US ISM manufacturing.
After reaching a fresh 8-month high of 1.0341, USD/CAD turned lower and has already reversed its intraday gains having recently dropped below the 1.0300 level to hit fresh lows at the 1.0270 area.
At time of writing, USD/CAD is trading around 1.0275, where it records a 0.3% daily loss. In terms of technical levels, the pair could face immediate supports at and 1.0260 (100-hour SMA) and 1.0216 (Feb 28 low), while resistances are seen at 1.0341 (intraday high) and 1.0360 (Jun 28 high).
After reaching a fresh 8-month high of 1.0341, USD/CAD turned lower and has already reversed its intraday gains having recently dropped below the 1.0300 level to hit fresh lows at the 1.0270 area.
At time of writing, USD/CAD is trading around 1.0275, where it records a 0.3% daily loss. In terms of technical levels, the pair could face immediate supports at and 1.0260 (100-hour SMA) and 1.0216 (Feb 28 low), while resistances are seen at 1.0341 (intraday high) and 1.0360 (Jun 28 high).