FX : USD/CAD: Dollar appreciates further, approaching 1.1000 level
FXstreet.com (Barcelona) - The Dollar has appreciated sharply after having hit 1.0790 low on Friday , breaking above resistance area at 1.0965 on early European session to hit 1.0995 high , right below 1.1000 resistance.
According to the UFXBank Research Team the Dollar was favoured by weak U.S. data: "The Canadian Dollar weakened versus the U.S Dollar on Friday as Crude prices remained relatively lower and weak U.S data had negative influence on risk appetite. Canadian Current Account came out better at -11.2B versus -11.9B expected and -7.7B prior. RMPI came out better at -3.8% versus -4.9% forecast and IPPI came out at -0.5% as expected. Overall, USD/CAD traded with a low of 1.0791 and with a high of 1.0936."
Resistance levels, at this point, lie at 1.1000 (Aug 27 high) and 1.1020 (Aug 28 high) and 1.1075 (Aug 12 high). On the downside, support levels are 1.0830, and below there, 1.0790 (Aug 28 low) and 1.0760 (Aug 21 low).
