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Forex: USD/CAD consolidates losses below 1.0200

FXstreet.com (Barcelona) - The Canadian dollar is extending its upside momentum against the buck on Friday, dragging the cross to its fourth straight session in red. The CAD picked up pace throughout the week, appreciating from Monday’s lows just pips away from 1.3000 to today’s highs around 1.0150 after the US GDP missed expectations.

“Price action still looks heavy intraday and we have to reckon with the risk of an extension of the move lower still. Short-term trend momentum signals have flipped to bearish, suggesting that the move will struggle to rebound quickly. Key short-term support is the early April low at 1.0084”, suggested FX Strategists G.Moore and S.Osborne at TD Securities.

The pair is now losing 0.30% at 1.0168 with the next support at 1.0084 (low Apr.11) followed by 1.0055 (low Feb.18).
On the flip side, a breakout of 1.0243 (MA10d) would expose 1.0258 (high Apr.25) and then 1.0286 (high Apr.22).

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