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USD/CAD turns negative after hitting 5-year peak

FXStreet (Córdoba) - USD/CAD fell more than 150 pips and retraced completely previous day’s gains in the wake of disappointing US data.

After hitting a fresh 5-year high of 1.1385, USD/CAD came under strong pressure and fell all the way back to 1.1225 before pausing the decline. At time of writing, USD/CAD is trading at the 1.1275 area, down 0.18% on the day after being up 0.8% at one stage.

USD/CAD technical levels

On the downside, supports line up at 1.1225 (intraday low) and 1.1200 (psychological level), while on the upside, resistances are seen at 1.1385 (5-year high Oct 15) and 1.1400 (psychological level).

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