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Forex: USD/CAD retraces from highs, below 1.0300

After hitting 8-month highs above the key mark at 1.0300, renewed strength in the Canadian dollar is weighting on the cross, dragging it to the area of 1.0290

The research team at TD Securities assessed that a lower close on Wednesday would be indicative of a short-term top in the cross. “The intraday fight back in USD/CAD has been strong so far today though and we generally feel that downside risks will remain limited. Trend momentum remains bullish across a range of time frames, which means little scope for significant counter-trend corrections. Even if we do see an extension lowerin the next few days, losses should be limited to the high 1.01/low 1.02 zone. A move above 1.03 aborts the bear signal”.

At the moment, the pair is up 0.55% at 1.0288 facing the next barrier at 1.0310 (high Feb.28) followed by 1.0342 (high Jun.29 2012) and then 1.0363 (high Jun.28 2012).
On the downside, a break below 1.0217 (low Feb.28) would clear the way to 1.0206 (low Feb.25) en route to 1.0189 (MA01d).

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