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Forex: USD/CAD hovering over 1.0200

FXstreet.com (Barcelona) - The Canadian dollar is losing ground against its neighbour on Monday, following the sell-off in the rest of the commodities-bloc currencies.

“The sharp extension higher in spot in the overnight market has been powerful, pushing through minor trend resistance in the upper 1.01 area. But, so far, resistance around 1.0235 has held. We look for support now on dips to the 1.0180 area intraday. A push through 1.0235 is bullish from a short-term point of view”, assessed S.Osborne and G.Moore, Strategists at TD Securities.

USD/CAD is up 0.61% at 1.0206 with the next resistance at 1.0236 (high Apr.5) followed by 1.0238 (high Mar.25) and finally 1.0244 (61.8% of Feb-Apr drop).
On the flip side, a breakdown of 1.0150 (MA10d) would expose 1.0145 (high Apr.12) and then 1.0084 (low Apr.11).

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