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7 Jan 2014
USD/CAD challenges 1.0700
FXstreet.com (Córdoba) - The USD/CAD is rising for a second day in a row Tuesday, having printed a 1-week high a couple of pips shy of the 1.0700 mark.
The USD/CAD rose more than 90 pips during the last sessions and peaked at 1.0698 in recent dealings. However, the pair lacked momentum to break above the 1.0700 psychological level and pulled back slightly. At time of writing, the USD/CAD is trading at the 1.0685, recording a 0.3% gain on the day, ahead of dual Canada-US trade reports.
USD/CAD levels to watch
In terms of technical levels, if the USD/CAD does break above 1.0700, it could rally toward 1.0726 (Dec 30 high) en route to 1.0736 (Dec 20 high). On the flip side, supports are seen at 1.0650 (daily low), 1.0600 (Jan 3 low/psychological level) and 1.0589 (Jan 2 low).
The USD/CAD rose more than 90 pips during the last sessions and peaked at 1.0698 in recent dealings. However, the pair lacked momentum to break above the 1.0700 psychological level and pulled back slightly. At time of writing, the USD/CAD is trading at the 1.0685, recording a 0.3% gain on the day, ahead of dual Canada-US trade reports.
USD/CAD levels to watch
In terms of technical levels, if the USD/CAD does break above 1.0700, it could rally toward 1.0726 (Dec 30 high) en route to 1.0736 (Dec 20 high). On the flip side, supports are seen at 1.0650 (daily low), 1.0600 (Jan 3 low/psychological level) and 1.0589 (Jan 2 low).