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USD/CAD inching higher, around 1.0342

FXstreet.com (Barcelona) - The Canadian dollar is losing ground against its neighbour on Friday despite the prevailing risk-on tone amongst the market participants.

The USD/CAD is partially recovering the ground lost on Thursday, dragged to sub 1.0300 levels on a weaker buck. Against the ongoing market chatter regarding the next steps by the Fed, analysts at BBH commented, “While weekly initial jobless claims show a labour market that is continuing to recover, non-farm payroll growth has slowed in March and April. The uneven pace of the recovery and the premature ending of QE1 and QE2 make Bernanke cautious, while the low inflation readings provide a conductive environment to wait”.

The pair is now up 0.36% at 1.0343 facing the next resistance at 1.0425 (high Jun.5 2012) ahead of 1.0446 (2012 June high) and finally 1.0472 (high Nov.28 2011). On the flip side, a drop beyond 1.0300 (hourly low May 24) would bring 1.0251 (low May 22) and then 1.0246 (MA10d).

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