Forex: USD/CAD stabilizes around 1.0160/65

FXstreet.com (Barcelona) - The Canadian dollar is trimming earlier gains after hitting session highs against the greenback in the region of 1.0150, pushing the cross to the current area of 1.0160/65

In the view of the research team at TD Securities “There is nothing in the short-term price action to suggest that the move lower is not going to extend. The market has found some modest support at 1.0150/60 so far today but the USD has barely bounced at all. We think the trend lower remains intact. Look to sell modest USD rallies”.

USD/CAD is now up 0.03% at 1.0167 facing the next resistance at 1.0222 (MA10d) ahead of 1.0251 (MA21d) and then 1.0315 (high Mar.8).
On the flip side, a breakdown of 1.0160 (low Feb.22) would aim for 1.0055 (low Feb.18) en route to 0.9995 (high Feb.5).