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Forex: USD/CAD testing overnight highs above 1.0300

Renewed weakness surrounding the Canadian dollar is pushing the cross above the key mark of 1.0300 on Monday, after bottoming in the proximity of 1.0280

In the opinion of the analysts at TD Securities, a correction lower in the cross should not be ruled out after the recent strong rally. “The 40-day MA cross above the 200-day MA last week and the short, medium and long-term trend momentum signals are still aligned bullishly. For the moment, that should mean limited downside and ongoing risk of a squeeze higher to 1.0450. Look to buy USD dips”

USD/CAD is now advancing 0.30% at 1.0305 with the next resistance at 1.0343 (2013 high Mar.1) ahead of 1.0363 (high Jun.28 2012) and then 1.0382 (high Jun.6 2012).
On the flip side, a breach of 1.0262 (low Mar.4) would clear the way to 1.0217 (low Feb.28) and finally 1.0206 (low Feb.25).

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