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USD/CAD finds resistance at 1.0380

FXstreet.com (Córdoba) - The US dollar bounced from the 1.0300 area and rose sharply to fresh daily highs against the loonie, propelled by strong Chicago PMI and consumer sentiment data.

USD/CAD climbed 80 pips and hit a high of 1.0380 before losing momentum and pulling back slightly. At time of writing, USD/CAD is trading at the 1.0340/50 area, where it is still 0.4% above its opening price.

The USD/CAD has had a choppy day, driven by market sentiment and economic indicators, including the Canadian GDP release, which showed the economy expanded by 0.2% in March.

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UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's commodity-based currencies and outline the technical positions.
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