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Forex: USD/CAD retracing from highs

FXstreet.com (Barcelona) - After hitting fresh lows against the greenback in the vicinity of 1.0150, the Canadian dollar is now gathering traction and dragging the cross to the area of 1.0130.

“USD/CAD’s short-term trend lower extended marginally below 1.01 yesterday. The consolidation over the past 24 hours or so suggests that short-term downside risks remain (possible bear flag). Intraday, 1.0130/35 is the first resistance point. The 1.0165/75 range should be firmer, short-term resistance above there”, commented Strategists S.Osborne and G.Moore at TD Securities.

The cross is now up 0.285 at 1.0134 with the next resistance at 1.0157 (high Apr.11) ahead of 1.0180 (MA21d) and finally 1.0236 (high Apr.5).
On the downside, a breach of 1.0084 (low Apr.11) would expose 1.0079 (50% of 0.9815-1.0343) and then 1.0055 (low Feb.18).

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