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Forex: USD/CAD testing 1.0100

FXstreet.com (Barcelona) - The Canadian dollar is appreciating against its neighbour on Monday, ahead of the US retail sales for the month of April. Prior surveys expect sales to have contracted 0.3% on a monthly basis and 0.3% striping the automotive sector.

“USD/CAD is consolidating last week’s rebound. The salient feature of the daily chart remains last Thursday’s big, bullish key reversal day, which strongly suggests that an important, short-term low is in for funds at this point”, noted G.Moore and S.Osborne, FX Strategists at TD Securities.

The pair is now losing 0.15% at 1.0098 with the next support at 1.0077 (MA10d) followed by 1.0064 (low May 10) and finally 1.0014 (low May 9).
On the flip side a break above 1.0152 (high May 10) would bring 1.0155 (50% of 1.0295-1.0014) and then 1.0156 (MA21d).

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