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19 Feb 2013
Forex: USD/CAD limited trading range, settles at 1.0110/11
The USD/CAD has been glued to a 17-pip trading range Tuesday as of morning during European trading (1.0099 session low – 1.0116 session high). As investors return from holiday, the pair seems to have failed to move based on any particular catalyst thus far. At the time of writing, the cross has notched marginal gains of +0.02%, trading at 1.0110/11.
According to the ICN.com Technical Analyst Team, “The USD/CAD stabilized above 1.0085 levels indicating that the upside move might extend. Despite the importance of 1.0120 resistance however, stability above the 1.0085 level might extend the bullish move up towards the 1.0205 region. Overall, the linear regression indicators are very positive, forcing us to turn bullish after the extension of the bearish correction failed due to stability above 1.0085.”
After muted trading yesterday given the holidays in North America, Statistics Canada is slated to reveal several indicators beginning later today at 13:30 GMT – these include Portfolio Investment figures and Wholesale Sales. Concerning the CAD, the price of crude has found traction at the USD $93.38 level in these moments.
Following the USD/CAD jump yesterday, the ICN.com analysts point to means of resistance at 1.0120 onto 1.0160, and finally the 1.0180 level. Conversely, a prolonged setback below the 1.0085 level will activate supports at the 1.0055 handle onto 1.0030.
According to the ICN.com Technical Analyst Team, “The USD/CAD stabilized above 1.0085 levels indicating that the upside move might extend. Despite the importance of 1.0120 resistance however, stability above the 1.0085 level might extend the bullish move up towards the 1.0205 region. Overall, the linear regression indicators are very positive, forcing us to turn bullish after the extension of the bearish correction failed due to stability above 1.0085.”
After muted trading yesterday given the holidays in North America, Statistics Canada is slated to reveal several indicators beginning later today at 13:30 GMT – these include Portfolio Investment figures and Wholesale Sales. Concerning the CAD, the price of crude has found traction at the USD $93.38 level in these moments.
Following the USD/CAD jump yesterday, the ICN.com analysts point to means of resistance at 1.0120 onto 1.0160, and finally the 1.0180 level. Conversely, a prolonged setback below the 1.0085 level will activate supports at the 1.0055 handle onto 1.0030.