USD/CAD stabilizes below 1.3100

FXStreet (Córdoba) - USD/CAD found support at the 100-hour SMA and entered a quieter phase below 1.3100 over the last hours.

The Canadian dollar benefitted from higher oil prices and reversed early losses against the greenback. USD/CAD peaked at the 1.3125 zone during the European trade but then turned lower and fell all the way to 1.3060, before the 100-hour SMA offered support.

USD/CAD key levels


At time of writing, USD/CAD is trading at 1.3070, just a few pips below its opening price, with immediate supports seen at 1.3015 (Aug 14 low), 1.3000 (psychological level) and 1.2951 (Aug 12 low). On the other hand, resistances could be found at 1.3125 (Aug 18 high), 1.3151 (Aug 17 high) and 1.3181 (Aug 10 high).

GBP/USD retreats below 1.5700; back under key level

GBP/USD retreated further during the American session and dropped back below the 1.5670 area, trimming gains. Earlier the pound jumped in the market after the release of inflation data from the United Kingdom and pushed GBP/USD to 1.5717, the highest level since July 1.
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AUD/USD tracking the metals and commodities, be careful - RBS

Analysts at RBS explained that the industrial metal prices remain weak, in part due to weak demand and oversupply concerns and the LME and SSE data shows that base metals are down between 6- and 28% YtD, in USD terms.
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