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Forex: USD/CAD in lows around 1.0020

FXstreet.com (Barcelona) - The CAD is prolonging its momentum against its neighbour on Wednesday, now dragging the pair to fresh 3-month lows in the boundaries of 1.0020.

“Daily trend momentum is bearish. Weekly trend momentum is neutral at the moment. The diverging signals on the oscillator studies over varying time frames leave us reluctant to view this swing lower in USD/CAD is sustainable at the moment. We look for support around par (200-day MA at 0.9989) still”, signalled G.Moore and S.Osborne, FX Strategists at TD Securities.

USD/CAD is now losing 0.18% at 1.0026 and a breakdown of 1.0017 (61.85 of 0.9815-1.0343) would bring 0.9995 (high Feb.5) and then 0.9971 (low Feb.8).
On the flip side, resistance levels align at 1.0083 (high May 7) ahead of 1.0100 (psychological level) and finally 1.0214 (high Apr.26).

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