FXstreet.com (Córdoba) - The Canadian Dollar continues to rise against the Dollar boosted by a decline in the unemployment rate and also by the rise in crude oil prices. USD/CAD broke below 1.0500 and tumbled to 1.0415 posting the lowest price since September 29th of last year.
Currently it trades at 1.4220/25, 0.85% below today's opening price. In case of further decline, support lies at 1.0400 and below at 1.0350.
James Chen, Chief analyst at FX Solutions, comments on the USD/CAD: A downtrend continuation has been tentatively confirmed, with price approaching a support region just above 1.0400. A breakdown below this 1.0400 support should target immediate further support in the key 1.0300 price region. In the event of a further continuation of the downtrend, the key downside target resides around parity in the 1.000 region. Upside resistance within the context of the current downtrend resides around the general 1.0600 region, the approximate bottom of the previous horizontal consolidation.