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Forex: USD/CAD flat around 1.0030

FXstreet.com (Barcelona) - The cross is posting weekly losses for the third consecutive time so far, as the Canadian dollar has been appreciating against the greenback since April tops in the boundaries of 1.0300.

G.Moore and S.Osborne, FX Strategists at TD Securities, commented “We remain cautious but the time may be a little riper for a bounce now as short-term oscillator studies are more obviously “oversold”. Gains through 1.01 would be a plus from a broader point of view while a rise above 1.0140/50 would be very constructive”.

The cross is now up 0.02% at 1.0030 with the next resistance at 1.0059 (high May 8) ahead of 1.0080 (MA10d) and then 1.0083 (high May 7).
On the flip side, a dip beyond 1.0014 (low May 9) would bring 0.9995 (high Feb.5) and finally 0.9971 (low Feb.8).

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