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USD/CAD bouncing off lows

FXstreet.com (Barcelona) - The pair is now picking up pace again, as the greenback is digesting the poor ISM manufacturing result in the US economy.

After dipping to sub 1.0320 levels, the pair managed to leave session lows and attempt a recovery to the current area of 1.0340/45 on Monday. As noted, the buck has started the new month on the back foot and is now navigating session lows. According to Christopher Vecchio, Currency Analyst at DailyFX, “it’s important to consider that the US Dollar just had its strongest month in a year (May 2012), and with technical conditions in the Asian-Pacific currencies exceptionally stretched, a period of consolidation/give back shouldn’t be ruled out”.

The pair is now losing 0.34% at 1.0339 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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