Forex: USD/CAD creeps lower towards 0.9919/21
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USD/CAD
FXstreet.com (Barcelona) - The USDCAD taken a tumble across European trading session Thursday, as the seemingly inevitable decay towards the 0.9900 level becomes a more likely scenario. Following a decline off of 0.9947 (daily maximum), the pair is operating in the doldrums at 0.9919/21, a few pips above its session low at 0.9915. In these moments the pair has also incurred a sizable loss of -0.25% thus far.
Thus far there seems to be little by way of usable economic data, capable of driving the currency pair, however investors have focused on the price of crude, which has fluctuated in recent days. At the time of writing however, the price has settled in the region of USD $90.92, down a slight -0.07% on the morning.
According to Research Analyst Gareth Berry at UBS, "The USDCAD is poised to move towards the 0.9968 mark." Technically speaking, a break above this mark would expose 1.0057. Briefing a retreat in exchange rate, initial support area lies at 0.9873, a breach of which would open the 0.9845 handle.
Thus far there seems to be little by way of usable economic data, capable of driving the currency pair, however investors have focused on the price of crude, which has fluctuated in recent days. At the time of writing however, the price has settled in the region of USD $90.92, down a slight -0.07% on the morning.
According to Research Analyst Gareth Berry at UBS, "The USDCAD is poised to move towards the 0.9968 mark." Technically speaking, a break above this mark would expose 1.0057. Briefing a retreat in exchange rate, initial support area lies at 0.9873, a breach of which would open the 0.9845 handle.
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