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Forex: USD/CAD erases gains

FXstreet.com (Córdoba) - The loonie has managed to reverse losses versus the dollar during the American session as disappointing US data weighed on the USD.

USD/CAD retreated from a 1-month high of 1.0218 and having dropped over 50 pips within the last hours, it recently hit a low of 1.0168. At time of writing, USD/CAD is trading around 1.0175/80, where it is virtually unchanged since opening.

In terms of technical levels, if the pair falls below the 1.0165/70 area, next supports are seen at 1.0150 (21-day SMA) and 1.0100 (100-day SMA). On the other hand, resistances could be found at 1.0218 (daily high) and 1.0227 (76.4% of 1.0293/1.0013 fall).

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