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10 Feb 2014
USD/CAD hits fresh highs after Canadian housing data
FXStreet (Córdoba) - The USD/CAD rose to marginal new highs during the American session after data showed Canadian housing starts fell in January.
Canada's housing starts dropped 3.7% to 180,248 annual rate in January, missing expectations of 180,500. The USD/CAD climbed to a high of 1.1049 but lacked follow-through. At time of writing, the USD/CAD is trading at the 1.1045 zone, up 0.1% on the day.
USD/CAD levels to watch
In terms of technical levels, the USD/CAD could find immediate resistances at 1.1049/54 (Feb 10 high/20-day SMA), 1.1063 (100-hour SMA) and 1.1078 (Feb 7 high). On the other hand, supports are seen at 1.1018 (Feb 10 low), 1.1000 (psychological level) and 1.0967 (Feb 7 low).
Canada's housing starts dropped 3.7% to 180,248 annual rate in January, missing expectations of 180,500. The USD/CAD climbed to a high of 1.1049 but lacked follow-through. At time of writing, the USD/CAD is trading at the 1.1045 zone, up 0.1% on the day.
USD/CAD levels to watch
In terms of technical levels, the USD/CAD could find immediate resistances at 1.1049/54 (Feb 10 high/20-day SMA), 1.1063 (100-hour SMA) and 1.1078 (Feb 7 high). On the other hand, supports are seen at 1.1018 (Feb 10 low), 1.1000 (psychological level) and 1.0967 (Feb 7 low).