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USD/CAD clinging to 1.0300

FXstreet.com (Barcelona) - The tepid bounce off sub 1.0300 levels seems to go no farther than 1.0310/15, as the selling pressure in the greenback continues to weight on the pair.

“We did not see losses extend in a way that would suggest a significant top/reversal is forming here and, with support in the low 1.03 area holding, we remain bullish on the broader outlook. Short-term momentum has weakened but the longer-term trend signals here remain bullishly aligned”, suggested G.Moore and S.Osborne, FX Strategists at TD Securities.

As of writing, the pair is down 0.44% at 1.0305 with the immediate support at 1.0300 (low May 27) followed by 1.0251 (low May 22) and finally 1.0237 (low May 21). On the flip side, a breakout of 1.421 (high May 29) would clear the way to 1.0446 (high June 2012) and then 1.0472 (high Nov.28 2011).

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