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Forex: USD/CAD threatening daily lows

FXstreet.com (Córdoba) - The Canadian dollar has continued to advance versus the greenback on Friday, extending yesterday's rally, supported by broad risk appetite among financial markets.

Following a consolidation phase, the USD/CAD resumed the downside and fell toward the 1.0200 psychological area, although it has failed to decisively break below that level. At time of writing, USD/CAD is trading around 1.0205, 0.1% below its opening price, having hit a 3-week low of 1.0202 in recent dealings.

In terms of technical levels, if the pair falls below 1.0200 next supports could be found at 1.0160 (Feb 22 low) and 1.0100 (psychological level). On the upside, resistances are seen at 1.0230 (intraday high), 1.0265 (10-day SMA) and 1.0300.

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