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Forex: USD/CAD extends recovery above 1.0030

FXstreet.com (San Francisco) - After declining 40 pips from 1.0055 to reach the lowest level since February 15th at 1.0015, the USD/CAD has bounced at this level with the pair trading back at 1.0335.

Currently the USD/CAD is trading at 1.0030, still 0.10% negative on the day. However, the pair is slightly bullish according to the FXstreet.com trend index with indicators such as CCI and Momentum pointing to the north while the Stochastic and the MACD signaling neutral in the 15-minute chart.

A breakdown of 1.0015 (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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