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USD/CAD testing highs around 1.0330/35

FXstreet.com (Barcelona) - After dipping to the vicinity of 1.0310, the greenback gathered traction and started a correction higher to the area of 1.0330/35 on Monday.

“With short, medium and long-term trend momentum studies still bullishly aligned (albeit a little less strongly on the short-term studies), we still rather think USD/CAD losses should remain limited for the moment and that modest dips (to 1.03 or just below) are a buy”, commented G.Moore and S.Osborne, Strategist at TD Securities.

The pair is now up 0.24% at 1.0332 with the next resistance at 1.0355 (high May 24) ahead of 1.0425 (high Jun.5 20120 and then 1.0446 (2012 June high). On the downside, a breach of 1.0300 (hourly lows May 27) would expose 1.0266 (MA10d) and finally 1.0251 (low May 22).

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