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Forex:USD/CAD extends the correction lower

The Canadian dollar continues to recover ground lost to its neighbor on Friday, advancing from session lows at the doorsteps of 1.0260 to the current region of 1.0230

“We have pointed out the rally/consolidation (bull flag)/rally structure of the past six months’ worth of trading before. This structure targets a move up to the 1.03 area… We are nearing 1.0254 retracement resistance (76.4% of the 1.04/0.96 decline last year) and there is no sign of the move up abating. In fact, the broader trend is still gathering strength. We think risks of an extension to 1.0450 are rising”, assessed the research team at TD Securities.

As of writing, the cross is up 0.41% at 1.0227 with the next hurdle at 1.0251 (high Jul.12) ahead of 1.0342 (high Jun.29).
On the downside, a violation of 1.0101 (high Jan.25) would bring 1.0092 (MA10d) and finally 1.0055 (low Feb.18).

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