FXstreet.com (Barcelona) - After falling around 100 pips from 1.0580 to intra-week low at 1.0475 during the European session, the Dollar has begun to recover against the Canadian at this level to trade above the MA200 periods in the 60 minutes chart at 1.0535.
Currently the pair is trading around 1.0530/40, 0.10% below today's opening price action.
James Chen, analyst at FXSolutions, affirms: Significant downside support resides around the key 1.0400 price level, the bottom of the current short-term trading range. Any breakdown below this level, in line with a continuation of downtrend bearishness, should target further support in the 1.0200 price region. This latter level represents the 14-month low for the pair that was last approached in mid-October. Dynamic upside resistance continues to reside around the medium-term downtrend resistance line that has been in effect since at least August.