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USD/CAD consolidates lows around 1.0345

FXstreet.com (San Francisco) - Following a 60 pips decline from the 1.0400 area to break down the 1.0350 and trade at session lows at 1.0340, the USD/CAD is consolidating lows around the 1.0345, 0.40% down from Wednesday's open.

The short term perspective remains slightly bearish according to the FXstreet.com trend index in the 15-minute chart. Indicators such as CCI and Momentum are pointing to the south while the MACD and the Stochastic are neutral.

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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