Forex: USD/CAD back to weekly lows above 0.9900

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Forex: USD/CAD back to weekly lows above 0.9900

FITITOL--> FXstreet.com (Barcelona) - USD/CAD is currently at 0.9926 near yesterday's Asia-Pacific session lows at 0.9919, some -0.31% from previous weekly close last Friday. The pair is still higher since past week opening price by +1.24%, helped by falling oil and equities, with strong resistance at yesterday's highs 0.9988.

According to Fan Yang, CMT at FXTimes: “The 0.99 level should now be monitored for support. If the market can hold above this, the upside remains toward at least parity (1.00), but is limited to the 1.0050 resistance for now,” the analyst says, adding: “A break below 0.99 however re-opens the 0.98 area, and confirms bearish bias, albeit in a choppy mode.”

Immediate support to the downside show at current levels as April 13 and yesterday's lows, followed by March 27/April 05 lows-May 02 highs at 0.9905/01, and April 03 lows 0.9987. For the upside, closest resistance comes at April 09 lows 0.9942, followed by March 15 highs/March 30 lows at 0.9949/52 , and March 20 highs/April 16 lows 0.9969.