Forex: USD/CAD breaks support en route to 1.0046/48
Forex pairs in this Article »
USD/CAD
FXstreet.com (Barcelona) - The USDCAD has been held in a rather confined 27-pip range Tuesday (1.0041 - 1.0068) without any large-scale catalysts capable of driving the pair. After the release of US economic data, the pair was seen trading in the vicinity of 1.0046/48 during American trading.
In the United States, the highly anticipated Consumer Confidence has come in at 58.6 in January, missing its estimates, which called for 64.0, and down from 66.7 in the previous month. In other news concerning the CAD, the price of crude has settled above USD $97.12 at the time of writing.
According to the ICN.com analyst team, "The downside move was halted between the 1.0055 and 1.0020 areas, with a possibility of forming a bullish candle above. Moreover, the linear regression indicators are trending to the upside, which negates yesterday's negative candle and supports the positive outlook. Since the pair remains stable above 1.0000, the possibility of the upside move is valid for the rest of the day."
At the present, the cross has incurred a decline of -0.16%, while ICN.com analysts point to the next supportive measures at 1.0020, followed by 1.0000 (the pair recently broke support at 1.0055). Conversely, a thrust up towards the 1.0095 region will initiate additional resistances at 1.0120 and 1.0180.
In the United States, the highly anticipated Consumer Confidence has come in at 58.6 in January, missing its estimates, which called for 64.0, and down from 66.7 in the previous month. In other news concerning the CAD, the price of crude has settled above USD $97.12 at the time of writing.
According to the ICN.com analyst team, "The downside move was halted between the 1.0055 and 1.0020 areas, with a possibility of forming a bullish candle above. Moreover, the linear regression indicators are trending to the upside, which negates yesterday's negative candle and supports the positive outlook. Since the pair remains stable above 1.0000, the possibility of the upside move is valid for the rest of the day."
At the present, the cross has incurred a decline of -0.16%, while ICN.com analysts point to the next supportive measures at 1.0020, followed by 1.0000 (the pair recently broke support at 1.0055). Conversely, a thrust up towards the 1.0095 region will initiate additional resistances at 1.0120 and 1.0180.
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