Forex: USD/CAD makes slow gains into European close
Forex pairs in this Article »
USD/CAD
FXstreet.com (Barcelona) - USDCAD has moved off its daily low of 0.9851 to trade at 0.9871 this afternoon as we slowly move towards the end of the European session.
With both the US and Canada closed for Labor Day, a quiet US session can be anticipated. With the Tokyo high at 0.9873 offering resistance, the analysts at Forex Ticket see price continuing to range from that point down to 0.985. The analysts at Dukascopy Bank SA see USDCAD as having formed a descending triangle pattern on an hourly chart. They state, "The pattern started when the pair bounced from the pattern's support at 0.9843 after dropping from 1.0085. Pattern's support and resistance lines are set to intersect on 2nd of October, 23:00 GMT.
European Equities remain positive alongside the majority of commodities as we head towards the European close.
With both the US and Canada closed for Labor Day, a quiet US session can be anticipated. With the Tokyo high at 0.9873 offering resistance, the analysts at Forex Ticket see price continuing to range from that point down to 0.985. The analysts at Dukascopy Bank SA see USDCAD as having formed a descending triangle pattern on an hourly chart. They state, "The pattern started when the pair bounced from the pattern's support at 0.9843 after dropping from 1.0085. Pattern's support and resistance lines are set to intersect on 2nd of October, 23:00 GMT.
European Equities remain positive alongside the majority of commodities as we head towards the European close.
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