FXstreet.com (Córdoba) - The US dollar gathered momentum at the beginning of the New York session and reversed intraday losses versus the loonie as risk aversion intensified. USD/CAD rose sharply from the 1.0165 area where it set an intraday bottom and bounced back above the 1.0200 mark.
At time of writing, USD/CAD is quoting at the 1.0210, having reached a high of 1.0218 in recent dealings.
From a technical view, "The 1.02 level may be key during the 7/10 US session. A break above opens near-term 1.0230 resistance, and then the 1.03-1.0315 resistance, which is also near a declining trendline that has been holding the declining in since the beginning of June", says Fan Yang, analyst at FXTimes. "On the other hand, a hold below 1.02 exposes the short-term pivot at 1.0155".
"A break below 1.0155, opens up the 1.01 low from last week. Below that the bearish outlook at the moment is limited to the 1.0050/60 pivot area", Yang adds.
