The Loonie rose following the release of US economic data and reached a 2-month high but it failed to rally further and retreated. USD/CAD tumbled to 0.9548, the lowest price since May 11 but rebounded and in the last hour accelerated to the upside, approaching 0.9600. Currently trades at 0.9594/98, 0.09% above today’s opening price.
Recent decline of the Loonie was accompanied by a decline in crude oil and stock indexes. The Dow Jones trimmed gains and currently gains 0.11% and the Nasdaq is now in negative territory falling 0.33%. Market sentiment weakened as Ben Bernanke testifies before Congress and following mix data from the US.
From a technical perspective, USD/CAD support levels according to Mataf lie at 0.9450, 0.9520 and 0.9560 while resistance at 0.9610, 0.9665 and 0.9780.
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