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Forex: USD/CAD bounces off 1.0090

FXstreet.com (Barcelona) - The Canadian dollar is now trading in a softer tone against the greenback on Monday, giving away earlier gains on stronger-than-expected US retail sales.

“USD/CAD’s short-term rally has stalled in the mid-1.01 zone. Short-term trends appear a little softer, in fact. We think the cap on the USD in the mid 1.01 area may mean some modest corrective moves are in store for the USD in the early part of this week—perhaps back to the 1.0050/60 area”, assessed G.Moore and S.Osborne, FX Strategists at TD Securities.

USD/CAD is now losing 0.04% at 1.1010 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).

Euro's focus shifted to the downside

Following a couple of weeks loaded with euro negative events – ECB cut rates and hinted at negative deposit rate – and strong US data, the EUR/USD came under selling pressure and pierced the bottom of its recent range to hit a 1-month low on Friday, after failing to make an upside break.
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