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Forex: USD/CAD testing Friday’s tops, around 1.0260

The Canadian dollar is depreciating against the buck on Monday, breaking above the congestion range between 1.0220 and 1.0240 to revisit Friday’s highs around 1.0260, as risk aversion is creeping back to the markets,

“USD/CAD has run into better selling interest in the mid 1.02 area since Friday but the chart patterns suggest consolidation rather than a reversal in what remains, in our opinion, a very strongly-entrenched bull trend across a range of timeframes… We rather expect USD losses to remain limited currently and for USD dips will remain well supported and are a buy”, assessed the research team at TD Securities.

USD/CAD is up 0.35% at 1.0260 with the next resistance at 1.0342 (high Jun.29) ahead of 1.0363 (high Jun.28) and then 1.0382 (high Jun.6).
On the flip side, a breakdown of 1.0113 (MA10d) would expose 1.0101 (high Jan.25) and then 1.0055 (low Feb.18).

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