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USD/CAD extends the correction lower

FXstreet.com (Barcelona) - After hitting intraday lows against the buck in levels shy of 1.0400 overnight, the renewed strength in the CAD dragged the pair to the current area of 1.0330/35.

Ahead in the day, the US docket grabbed more relevance after yesterday’s testimony by Chairman Bernanke. The weekly report on the US employment is due, with consensus expecting Initial Claims to fall to 345K in the week ending on May 17, followed by the preliminary manufacturing PMI (51.8 exp.) and April’s New Home Sales 425K exp.).

The pair is now losing 0.31% at 1.0335 with the immediate support at 10.237 (low May 21) ahead of 1.0217 (low May 20).
On the upside, a break above 1.0425 (high Jun.5 2012) would then target 1.0446 (2012 June high) en route to 1.0472 (high Nov.26 2011).

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