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USD/CAD breaks below 1.0300

FXstreet.com (San Francisco) - The US dollar is extending its decline against its Canadian counterpart and after falling around 100 pips from intra-day highs at 1.0395, the USD/CAD has broken 1.0300 to trade at 1.0285.

Currently, the USD/CAD is pricing at 1.0290, 0.70% down on the day. The short term perspective is slightly bearish in the 15-minute chart according to the FXstreet.com trend index. Indicators such as CCI, Momentum and MACD are pointing to the south while the Stochastic is bullish.

Below the 1.0300 area, next support is 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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