FXstreet.com (San Francisco) - The sharp slide in USD/CAD has stalled at the 1.0165 mark, fueled by a strong Canadian dollar after release of better than expected GDP data for April, and after developments in Europe sparked a materially weaker greenback. USD/CAD has fallen to a 7-day low, last quoted in the 1.0200 price zone, recording a 1.2% loss on the day and a 0.4% loss this week. To the downside, support lies at 1.0122 (50%, 0.9798/1.0444), while resistance lies at 1.0225.
USD/CAD May 26 at 05:07 GMT
1.0315/26 (-0.02%)
H1.0322 L 1.0321
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Any opinions, news, research, analyses, prices or other information contained on this story, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
