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21 Jun 2013
USD/CAD sideways trading
FXstreet.com (New York) - The USD/CAD foreign exchange rate has been trading in a narrow 33-pip consolidation Friday (1.0360 – 1.0393), recently falling into negative territory.
At the time of writing, the USD/CAD is trading at 1.0385, incurring a marginal loss of -0.04% during European trading. Given yesterday’s breakout, Mataf.net analysts point to the next level of support correction in case of a retracement at 1.0308, then 1.0234, and 1.0191.
USD/CAD extension of positivity in the cards
According to the Technical Analyst Team at ICN.com, “The USD/CAD benefited from stabilizing above 1.0320 as it might extend positivity during the upcoming. The pair will face resistance level 1.0420 represented in a previous top that should be breached to support extending bullishness towards key resistance level of the ascending channel.”
USD/CAD eying upcoming slate of data in Canada
Later today in Canada, the economy is slated to reveal a tranche of key economic indicators at 12:30 GMT. These include both CPI figures and Retail Sales statistics in the month of May, which should effectively drive the USD/CAD in the US session.
At the time of writing, the USD/CAD is trading at 1.0385, incurring a marginal loss of -0.04% during European trading. Given yesterday’s breakout, Mataf.net analysts point to the next level of support correction in case of a retracement at 1.0308, then 1.0234, and 1.0191.
USD/CAD extension of positivity in the cards
According to the Technical Analyst Team at ICN.com, “The USD/CAD benefited from stabilizing above 1.0320 as it might extend positivity during the upcoming. The pair will face resistance level 1.0420 represented in a previous top that should be breached to support extending bullishness towards key resistance level of the ascending channel.”
USD/CAD eying upcoming slate of data in Canada
Later today in Canada, the economy is slated to reveal a tranche of key economic indicators at 12:30 GMT. These include both CPI figures and Retail Sales statistics in the month of May, which should effectively drive the USD/CAD in the US session.