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Forex: USD/CAD extending the decline, around 1.0130

FXstreet.com (Barcelona) - The Canadian dollar continues to strengthen against the greenback, dragging the cross to fresh 6-week lows in the boundaries of 1.0130 from 8-month highs at the beginning of March around 1.0350.

“Daily trend channel support (1.0134) plus retracement support (1.0138) are under pressure… Weakness below 1.0125/30 may see the current push lower pick up some momentum. We have been looking for sub-1.01 levels over the past week, with 1.0085/90 the next support zone to really focus on below here”, suggested the FX research team at TD Securities.

At the moment, USD/CAD is down 0.10% at 1.0137
Next support levels align at 1.0125 (low Apr.2) followed by 1.0102 (low Feb.19) and then 1.0055 (low Feb.18).
On the flip side, a breakout of 1.0155 (high Apr.3) would aim for 1.0169 (high Apr.2) and finally 1.0181 (MA10d).

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