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Forex: USD/CAD trimming losses from 1.0200

FXstreet.com (Barcelona) - The renewed strength in the US dollar is pushing the cross from session lows in the vicinity of the key limestone of 1.0200 on Thursday to the current area above 1.0240

Decent data from the US labour market plus improvements in the manufacturing PMI and the Philly fed manufacturing index boosted the buying interest in the USD.

On the short-term horizon, analysts at TD Securities suggested, “We look for the market to put a bit more pressure on resistance in the upper 1.02 area from here. The 1.0279 level still looks like a H&S continuation signal—a break higher would imply scope for a move up of around 100 ticks (i.e. upper 1.03 area) to new cycle highs. We remain bullish USD/CAD”.

At the moment, the cross is down 0.12% at 1.0242 with the next support at 1.0189 (Lower Bollinger) ahead of 1.0181 (low Mar.15) and then 1.0160 (low Feb.22).
On the contrary, a breakout of 1.0315 (high Mar.8) would accelerate the upside to 1.0325 (Upper Bollinger) and finally 1.0329 (high Mar.7).

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