Forex: USD/CAD crosses over into positive territory

FXstreet.com (Barcelona) - The USDCAD has waxed and waned during European trading Tuesday, ahead the release of GDP Indicators in Canada and myriad indicators in the United States later today. In the absence of any paramount data affecting the pair earlier this morning, the price has only oscillated marginally in a 24 pip range since the Asian session (recording a daily low of 1.0000 and a daily max of 1.0024).

The USDCAD recently crossed over its 20 SMA in the hourly chart, trading in the region of 1.0022, whereby operating at +0.06% opening level. This is consistent with the price of crude, which also is devoid of major fluctuations, settling at USD $89.92, tepidly rising +0.16% at the time of writing.

The technical analysts at ICN.com highlight the next resistive measures at 1.0045, 1.0095, and ultimately 1.0125. Should the pair retrace itself into negative territory, it will engage supports at 1.0000, 0.9970, and finally 0.9835.