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Forex: USD/CAD climbs to 1.0080/85

FXstreet.com (Barcelona) - The renewed strength of the greenback is pushing the cross to the area of 1.0080/85 on Thursday, just pips below session highs in the vicinity of 1.0090 and reverting the negative start.

“Short-term patterns continue to suggest some consolidation/basing price action in USD/CAD. The market has pushed through hourly trend resistance off last week’s high and price signals are modestly constructive around the 1.0050 area… Above 1.0105 should allow for a decent short-term bounce to the 1.0140/60 range”, suggested FX Strategists G.Moore and S.Osborne at TD Securities.

At the moment, the pair is losing 0.03% at 1.0080 with the next support at 1.0060 (low May 2) ahead of 1.0051 (low May 1) and then 1.0045 (low Mar 28).
On the upside, a break above 1.0100 (high May 1) would aim for 1.0173 (50% of 1.0295-1.0051) and finally 1.0178 (MA21d).

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