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USD/CAD testing lows around 1.0360/65

FXstreet.com (Barcelona) - The Canadian dollar is advancing against the greenback on Wednesday, dragging the cross to session lows around 1.0360/65 after hitting intraday tops around 1.0420/25.

“In the short-run, price action looks a little soft but there is no obvious bearish reversal pattern unfolding here and we still rather think that the broader trend remains higher… Longer-term (daily and weekly) trend studies are still bullishly-aligned for the USD. This should mean limited USD weakness below 1.0365 trend channel support”, suggested G.Moore and S.Osborne, FX Strategists at TD Securities.

As of writing, the pair is losing 0.35% at 1.0361 and a breach of 1.0335 (hourly cloud base) would expose 1.0312 (MA10d) and finally 1.0300 (low May 27). On the other hand, resistance levels are located at 1.0425 (high Jun.5 2012) followed by 1.0446 (2012 June high) and finally 1.0472 (high Nov.28 2011).

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