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Forex: USD/CAD bouncing off lows

FXstreet.com (Barcelona) - The Canadian dollar continues its appreciation against the USD on Wednesday, dragging the cross to weekly lows below 1.0050 ahead of housing data in Canada due later. Prior surveys expect Housing Starts to ease to an annual pace of 175K during April, lower than March print at 184K.

“On the charts, USD/CAD retains a heavy tone but the short-term patterns do suggest some bargain-hunting ahead of par (200-day MA at 0.9989). Above 1.0065/70 would lift funds modestly. We remain longer-term USD/CAD bulls and still prefer to look for chances to buy”, suggested G.Moore and S.Osborne, FX Strategists at TD Securities.

The pair is now flat at 1.0044 with the next support at 1.0017 (61.85 of 0.9815-1.0343) followed by 0.9995 (high Feb.5) and then 0.9971 (low Feb.8).
On the flip side, a break above 1.0083 (high May 7) would bring the psychological level at 1.0100 and finally 1.0214 (high Apr.26).

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