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USD/CAD retraces from 1.0320

FXstreet.com (Barcelona) - After dipping to fresh lows against the buck above 1.0320, the Canadian dollar initiated a correction lower to the current area of 1.0260/65, as the USD rally is losing momentum.

Camilla Sutton, Strategist at Scotiabank, remains bullish on the cross, adding, “Spot is well above short and medium-term moving averages, and another run above 1.0300 appears likely. Recent highs in USDCAD have exceeded those seen in mid-April, opening up the risk of a run to the March 1st high at 1.0342”.

At the moment, the cross is up 0.17% at 1.0257 with the next resistance at 1.0313 (high May 17) followed by 1.0315 (high Mar.8) and then 1.0343 (2013 high Mar.1).
On the downside, a dip beyond 1.0217 (low May 20) would expose 1.0181 (low May 17) and then 1.0164 (MA10d).

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