US Dollar vs Canadian Testing New Highs - 21.5.2012

The greenback against the Canadian Dollar remains near the previous week's highs, trying to reach fresh high levels. The Canadian dollar lost ground due to increasing risk aversion among traders as the sovereign debt crisis is deepening in Euro area and the political uncertainty remains with the announcement of new elections in Greece. The USDCAD found resistance at the 1.0228 on Friday and then pulled back to the 1.0179 support level. On Monday the US Dollar strengthened and rose to 1.0231 per Canadian for a moment, attempting to establish new 4-month high, it was lastly seen at 1.0225 level. Thin trading characterizes the forex pair as there are no important economic announcements coming from U.S today moreover is a bank holiday in Canada.