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6 Mar 2013
Forex: USD/CAD retraces gains after ADP, BoC eyed
The loonie benefited from strong US employment data and strengthened versus the dollar ahead of the BoC monetary policy decision.
USD/CAD dropped nearly 20 pips after the data before the 20-hour SMA at 1.0270 contained the slide. At time of writing, USD/CAD is trading around 1.0270/75 where it is virtually unchanged since opening.
In terms of technical levels, if USD/CAD falls below 1.0270, next supports are seen at 1.0255 (intraday low), 1.0215 (Feb 28 low) and 1.0200 (psychological level). On the other hand, resistances could be found at 1.0295 (intraday high), 1.0310 (Mar 4 high) and 1.0341 (2013 high Mar 1).
USD/CAD dropped nearly 20 pips after the data before the 20-hour SMA at 1.0270 contained the slide. At time of writing, USD/CAD is trading around 1.0270/75 where it is virtually unchanged since opening.
In terms of technical levels, if USD/CAD falls below 1.0270, next supports are seen at 1.0255 (intraday low), 1.0215 (Feb 28 low) and 1.0200 (psychological level). On the other hand, resistances could be found at 1.0295 (intraday high), 1.0310 (Mar 4 high) and 1.0341 (2013 high Mar 1).