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USD/CAD in session lows around 1.0335/40

FXstreet.com (Barcelona) - The USD is now intensifying its decline, dragging the pair to fresh intraday lows in the area of 1.0330/35 on Monday, ahead of the US ISM Manufacturing PMI for May.

“USD/CAD is consolidating but modestly softer at the start of the week. Key support remains 1.0300/05 (1.0301 is now the neckline of a small, but nicely-formed potential H&S top on the short-term chart). We remain bullish but the loss of 1.03 near-term would be a short-term blow at least to the trend. Regaining a 1.04 handle and making new highs would be supportive”, noted G.Moore and S.Osborne, FX Strategists at TD Securities.

The pair is now losing 0.32% at 1.0341 and a breakdown of 1.0296 (low May 31) would open the door to 1.0251 (low May 22) and then 1.0237 (low May 21). On the flip side, resistance levels line up at 1.0388 (high Jun.3) followed by 1.0421 (high May 29) and finally 1.0446 (2012 June high).

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