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USD/CAD eases after steep rally

FXstreet.com (Córdoba) - Following a steep rally, the US dollar lost momentum and gave up ground against the loonie as investors take profit ahead of the weekend.

USD/CAD turned lower after peaking at 1.0312, its strongest in 2 months, dipping back below 1.0300 in recent dealings. At time of writing, USD/CAD is trading around 1.0275, where it is still up 0.8% on the day.

In terms of technical levels, immediate supports could be fund at 1.0260 (10-hour SMA) and 1.0230 (21-hour SMA), while resistances are seen at 1.0312 (daily high) and 1.0330 (high Mar 7).

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