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USD/CAD hovering over 1.0350

FXstreet.com (Barcelona) - The bearish sentiment continues to undermine any attempt of recovery by the Canadian dollar on Friday, now dragged to the boundaries of 1.0350 as the buck keeps pushing higher.

“We continue to view the longer-term trend in USD/CAD as higher… The market has closed above weekly trend (bull break out resistance, now support) at 1.0305 once (last week) and may be able to post a second weekly close above this week. The May month will form a bullish outside range month, strongly suggesting that the March/May correction is complete. We still think buying modest dips in USD/CAD is the way to go”, recommended S.Osborne and G.Moore, FX Strategists at TD Securities.

USD/CAD is now advancing 0.52% at 1.0351 with the next hurdle at 1.0421 (high May.29) followed by 1.0446 (2012 June high) and then 1.0472 (high Nov.28 2011). On the downside, a breach of 1.0296 (hourly low May 31) would bring 1.0251 (low May 22) and then 1.0237 (low May 21).

USD/CHF struggles around 0.9600

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Canadian GDP came in strong, at 2.5% yoy, yet USDCAD rose to above 1.03 on the back of weaker commodity prices, and even more importantly, an ebbing of risk sentiment globally, notes the UBS analyst team.
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