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Forex: USD/CAD retraces to 1.0070/75

FXstreet.com (Barcelona) - The Canadian dollar is picking up pace against the buck on Monday, dragging the cross from levels above 1.0090 to the current area of 1.0070/75.

“Pattern-wise, the daily USD/CAD picture still looks a bit more positive, even with the lack of upside traction in the USD over the past day or two… We look firm support now at 1.0050 near-term, with the 200-day MA (0.9989 today) below there. Gains through 1.0135/50 would be supportive of a bit more USD strength near-term”, commented G.Moore and S.Osborne, FX Strategists at TD Securities.

At the moment, the cross is flat at 1.0075 with the next resistance at 1.0173 (50% of 1.0295-1.0051) followed by 1.0178 (MA21d) and finally 1.0203 (61.8% of 1.0295-1.0051).
On the downside, a drop below 1.0060 (low May 2) would then target 1.0051 (low May 1) and finally 1.0017 (61.8% of 0.9815-1.0343).

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