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Forex: USD/CAD extends its intraday decline

FXstreet.com (Barcelona) - The Canadian dollar is gathering pace against its fellow neighbour on Monday, dragging the cross to the current area of 1.0160/65 from last week’s highs around 1.0230

“The Canadian dollar's gains pushed it to the best level in more than a month. This saw the greenback test the CAD1.0145 area, a retracement objective of the rally off the low of the year set Jan 11 near CAD 0.9820. A break of this CAD1.0145 area is needed to signal a continued correction that could carry the US dollar toward CAD1.0050. On the upside, the greenback faces resistance in the CAD1.0200-20 area”, remarked Marc Chandler, Analyst at Brown Brothers Harriman.

USD/CAD is now losing 0.14% at 1.0162 and a breach of 1.0150 (low Mar.27) would expose 1.0045 (low Mar.28) and finally 0.9995 (high Feb.5).
On the downside, support levels line up at 1.0236 (MA21d) followed by 1.0315 (high Mar.8) and then 1.0329 (high Mar.7).

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