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USD/CAD in lows around 1.0320

FXstreet.com (Barcelona) - The Canadian dollar intensifies its upside momentum against its neighbour on Thursday, dragging the pair to the area of 1.0315/20 in a context dominated by the risk-on trade.

According to Strategists S.Osborne and G.Moore at TD Securities, “Having made a new high today, technicals would turn clearly more bearish in the event of spot making a lower low and closing lower on the day…The USD looks a bit heavy today but weakness should be contained (to the low 1.03 area)”.

At the moment, the pair is retreating 0.44% at 1.0318 with the next support at 1.0237 (low May 21) and then 1.0217 (low May 20).
On the flip side, a break above 1.0425 (high Jun.5) would expose 1.0446 (2012 June high) and finally 1.0472 (high Nov.28 2011).

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