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Forex: USD/CAD hovering over lows below 1.0100

FXstreet.com (Barcelona) - The Canadian dollar is extending its correction higher against the buck on Friday, dragging the cross below the key mark at 1.0100 after the Payrolls surprised investors rising to 165K in April.

“We think the 1.0080/90 area should remain good support for the market in the near-term. Weakness below here would suggest the short-term potential at least for further losses. We rather prefer to see downside potential from here as limited due to the broader patterns looking more constructive. Intraday, we see support at 1.0080/90 and 1.0050. Resistance is 1.0140/50”, commented G.Moore and S.Osborne, FX Strategists at TD Securities.

The cross is now losing 0.25% at 1.0079 and a breach of 1.0060 (low May 2) would then target 1.0051 (low May 1) en route to 1.0017 (61.8% of 0.9815-1.0343).
On the upside, resistance levels are located at 1.0173 (50% of 1.0295-1.0051) ahead of 1.0178 (MA21d) and then 1.0203 (61.8% of 1.0295-10051).

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