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Forex: USD/CAD keeps a tight range around 1.0230

The Canadian dollar is posting meagre gains on Monday, trading in a narrow range between 1.0220 y 1.0240, as the US dollar upside is taking a breather after last week’s strong gains.

“The pair posted a new recovery high on Friday. There is scope for more upside to test 1.0366. Support is at 1.0160”, suggested G.Yu and G.Berry, Strategists at the Swiss bank UBS.

At the moment, the cross is up 0.06% at 1..0229 with the next resistance at 1.0256 (high Feb.22) ahead of 1.0342 (high Jun.29) and then 1.0363 (high Jun.28).
On the flip side, a breakdown of 1.0113 (MA10d) would allow 1.0101 (high Jan.23) and finally 1.0055 (low Feb.18).

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