Forex Flash: USD/CAD jumps ahead to 0.9848/52

FXstreet.com (Barcelona) - After spending the European session trading in a rather constricted range, the USDCAD has jumped over 13 pips in recent minutes, thereby settling in the region of 0.9848/52 and trading in positive territory ahead of a plethora of economic data later today out of the United States.

Later today in the United States, a tranche of economic data beginning at 13:30 GMT is slated for release - several high profile indicators such as the Producer Price Index (December) and Retail Sales (December) highlight a diversified economic data segment. Concerning the CAD, the price of crude has shifted into positive territory, trading at USD $94.14 Tuesday.

According to the ICN.com analyst team, "Key support levels for the USDCAD at 0.9820 and 0.9800 proved their strength and subsequently the stochastic is attempting to crossover positively. We might see an attempt to the upside and we can bet on the bullishness, however a breach of 0.9800 will extend the downside move."

The USDCAD has secured an advance of +0.15% thus far. ICN.com analysts concede the next resistances at 0.9875, onto 0.9895, and eventually 0.9910. Regarding a pullback, supportive measures will trigger at 0.9820, then 0.9800 (key support) and 0.9870.