Forex: USD/CAD back below 1.0200

FXstreet.com (Barcelona) - The Canadian dollar is retracing ground lost to the greenback after the better-than-expected Ivey PMI in the domestic economy offset the poor employment data in the Canadian economy. Recall that the jobless rate up-ticked to 7.2% in March vs. 7.0% in the previous month, dragging the CAD to session lows against the greenback around 1.0240.

“Holding above 1.0185 relieves a lot of the near-term bear pressure on USD/CAD but we still rather think the market will be inclined to sell rallies overall for now. The short-term chart looks more neutral now than outright bullish. Still have a ways to go before the near-term patterns turn more USD-constructive”, suggested the research team at TD Securities.

At the moment, the cross is up 0.44% at 1.0175 with the next resistance at 1.0211 (MA21d) ahead of 1.0265 (high Mar.22) and finally 1.0285 (high Mar.19).
On the flip side, a breach of 1.0102 (low Feb.19) would aim to 1.0079 (Daily Cloud Base) and then 1.0055 (low Feb.18).