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USD/CAD falls to fresh daily lows

FXstreet.com (Córdoba) - The US dollar has taken a hit during the American afternoon, weakening versus most competitors and dropping to fresh daily lows against the loonie.

After failing to consolidate above the 1.0300 level, USD/CAD turned south and has shed over 70 pips during the New York trade to hit a low of 1.0215 in recent dealings. The cross paused the slide just ahead of the 100-hour SMA (1.0213) and it is currently trading at 1.0225, 0.6% below its opening price.

In terms of technical levels, next supports could be found at 1.0200 (psychological level) and 1.0180 (low May 17), while on the upside resistances are seen at 1.0295/300 (daily high/psychological level) and 1.0312 (high May 17).

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