Canada GDP better than expected. USDCAD falls through support.

Written March 1, 2010 at 8:35 AM EST by  

gregmike-00644

The USDCAD comes in at +5.0% for the 4th quarter higher than the 4.2% expectations.  This has sent the USDCAD lower.   The price has broken through the 100 and 200 hour MA and tests the 61.8 % of the Feb 22nd low tot he Feb 25th low. at the 1.0486 level.  A move below would next target key support at the 1.0405-15 level.

Upside resistance comes in at the 200 hour MA at the 1.0494 level and then at the 1.0517-1.0523 level.

gregmike-00645

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