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Forex pairs in this Article » USD/CAD
FXstreet.com (Barcelona) - The USDCAD is once again tepidly holding onto positive territory Friday after a highly unorthodox week of trading, thanks in part to a freak Hurricane. Having peaked briefly at the 0.9979 level earlier today, the cross has consolidated its gains to the tune of nearly 10 pips, placing the new exchange rate in the area of 0.9968/70 at the time of writing.

According to the technical analyst team at ICN.com, "The bearish Butterfly Pattern managed to push the pair toward 23.6% correction of CD leg around 0.9950, yet the pattern did not reach the targets yet which initially reside at 0.9910 which is the 38.2% correction of the mentioned leg. We see that trading below the 1.0040 mark will extend the downside move and the stochastic is negative supporting the outlook."

Later in the day at 12:30 GMT, investors get a dual look at the economies of Canada and the United States, following the release of key employment statistics and the Nonfarm payrolls in the United States. In these moments however, the price of crude has settled in the region of USD $86.66, or -0.49%.

One day removed from yesterday's debacle, the USDCAD is trading positively and recording a slight gain of +0.04% above it's opening. Briefing the technicals, the ICN.com analyst team posits the next short-term resistances at 0.9990, then 1.0010, and finally 1.0040. Conversely a break below 0.9950 will initiate supportive means at 0.9910 onto 0.9875.
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