The Canadian Dollar reached a one week low versus the Dollar as Crude prices continued dropping amid concerns Europe's austerity measures will hurt demand for Crude. Overall, USD/CAD traded with a low of 1.0308 and a high of 1.0438. USD/CAD continues upwards after touching the 78.60% Fibonacci retracement of the upward movement it started in mid April. The pair is located near its 200 day moving average which is likely to act as a resistance and detain the pair's upward movement. Today, Foreign Securities Purchases are expected with 6.42B versus 6.72B prior.

USD/CAD - Last: 1.0330

Resistance

1.0440

1.0470

1.0550

Support

1.0310

1.0250

1.0200

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