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Forex: USD/CAD tests support at 100-day SMA

FXstreet.com (Córdoba) - The Canadian dollar managed to reverse intraday losses against the greenback, supported by the positive market sentiment and stocks' advance.

USD/CAD retreated from a high of 1.0130 and having fallen over 50 pips throughout the session, it recently hit a daily low of 1.0077 where the 100-day SMA helped to contain the slide. The USD/CAD is currently trading around 1.0085, 0.2% below its opening price.

In terms of technical levels, next supports could be found at 1.0077 (daily low) and 1.0060 (low May 2). On the upside, resistances line up at 1.0130 (daily high) and 1.0180 (21-day SMA).

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