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7 Oct 2013
USD/CAD unable to sustain highs
FXstreet.com (Córdoba) - The USD/CAD spiked to fresh daily highs only to quickly pull back after data showed Canadian building permits declined more than expected in August.
Building permits for August fell 21.2% in Canada, reversing previous month 21.4% gain and below the 7.4% decline expected. USD/CAD rose to a fresh daily high of 1.0333 but then lost momentum and retreated to pre-data levels around 1.0315/20, where it is trading at time of writing, still up 0.3% on the day.
USD/CAD consolidates within MA's
In terms of technical levels , USD/CAD could face immediate resistances at 1.0340 (Oct 4 high) and 1.0363 (100-day SMA), while supports are seen at 1.0290 (daily low) and 1.0230 (200-day SMA).
Building permits for August fell 21.2% in Canada, reversing previous month 21.4% gain and below the 7.4% decline expected. USD/CAD rose to a fresh daily high of 1.0333 but then lost momentum and retreated to pre-data levels around 1.0315/20, where it is trading at time of writing, still up 0.3% on the day.
USD/CAD consolidates within MA's
In terms of technical levels , USD/CAD could face immediate resistances at 1.0340 (Oct 4 high) and 1.0363 (100-day SMA), while supports are seen at 1.0290 (daily low) and 1.0230 (200-day SMA).