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Forex: USD/CAD extends setback to fresh lows

FXstreet.com (Córdoba) - The US dollar continues to weaken versus its major competitors, weighed by rather disappointing economic indicators.

USD/CAD retreated from the 1.0205 area, where it had peaked ahead of the New York opening, and having lost over 50 pips within the last hours, it recently printed a 2-day low of 1.0148. At time of writing, USD/CAD is trading at the 1.0150/55 area, little changed on the day.

As for technical levels, the cross might find immediate supports at the 1.0143/48 area (daily lows/100-hour SMA) and 1.0125 (200-hour SMA). On the upside, resistances are seen at 1.0205 (daily high) and 1.0218 (high May 15) ahead of 1.0227 (74.6% of 1.0293/1.0013).

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