Forex: USD/CAD collapses below 1.0230 on refinery plans

After attempting to recover from 1.0250 and testing the 1.0275 level, the USD/CAD has been rejected at this price and currently it is falling hard to break below March 8th lows at 1.0230. The Canadian dollar is being fueled by news from a new refinery in the west coast that should propelled the Canadian national account by $1.6 billion per month.

The USD/CAD is currently trading around 1.0220, lowest level since February 28th. With a 0.50% daily losses, the pair is strongly bearish according to the FXstreet.com Forex Studies. The CCI, MACD and Momentum indicators are bearish in the 1-hour chart.

Below the 1.0225, next supports come 1.0215 and 1.0200. Resistances are at 1.0250, 1.0280 and 1.0295.