FXstreet.com (Barcelona) - The Canadian dollar is losing ground against the greenback on Friday, currently pushing the cross to the vicinity of the parity level, despite the prevailing risk-on mode.

The research team at TD Securities argues “Consolidation is apparent on the daily chart as well. This week’s correction lower has retraced 50% of the 0.98/1.01 move up… The daily trend momentum oscillator is just about holding a bullish stance and we remain broadly positive on USD/CAD’s outlook… We look for a move to 1.02/1.03 in the next few weeks”.

At the moment, the cross is up 0.23% at 0.9995 with the next resistance at 1.0081 (Upper Bollinger) and then 1.0101 (high Jan.25).
On the flip side, a breakdown of 0.9957 (low Jan.31) would bring 0.9927 (MA21d).