Filed Under:
Forex pairs in this Article » USD/CAD (Barcelona) - After trading above parity earlier during Asian trading, the USDCAD has fallen below the key level, bottoming out at 0.9980 Friday. However, in recent minutes the pair has rallied over 10 pips as gathers momentum and approaches parity once again. In these moments the cross has settled at 0.9992/94.

"The USDCAD couldn't resume the upside move over the past two days, whereby remaining limited below the PRZ for the bearish Butterfly Pattern. We expect the pair to attempt moving lower again to retest the first target of the pattern at 0.9905, which if breached will extend the bearishness toward the second target at 0.9840." notes the technical analyst team at

The pair is clearly lacking price drivers or catalysts at the moment, however it is worth noting that at the time of writing however, the price of crude is trading positively in the area of USD $85.31, up +0.26%.

Despite the recent recover, the currently the cross is trading in negative territory, down -0.12% below its opening. analysts point to supportive means at 0.9950, followed by 0.9910, onto 0.9875. On the ascension, a short-term break above the 1.0010 level will trigger resistive structures at 1.0040 and 1.0095.
comments powered by Disqus