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Forex: USD/CAD backs away from 8-month high

After rallying to a 8-month high, USD/CAD lost momentum and pulled back amid profit taking before the weekend. USD/CAD reached its highest level since Jun 29 at 1.0255 in the wake of disappointing CPI and retail sales from Canada, but found sellers and has retreated to the 1.0215 zone so far. At time of writing, USD/CAD is trading around 1.0220, still up 0.4% on the day.

As for technical levels, above 1.0255 next resistances could be found at 1.0300 (psychological level) and 1.0340 (high Jun 29). On the flip side, supports are now seen at 1.0200, 1.0150 (100-hour SMA) and 1.0100 (psychological level).

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