Forex: USD/CAD poised to test 0.9887 morning high
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USD/CAD
FXstreet.com (Barcelona) - Having dipped from a morning high at 0.9887, USDCAD posted a European low at 0.9866 before climbing to where it currently trades at 0.9881.
Amidst a morning of soft European data and generally negative risk sentiment, USDCAD has so far lacked the momentum to push through Camarilla R1 resistance at 0.9881 and the daily Pivot Point at 0.9899. The pair, down 0.07% on the days trading is trading close to the last October lows. Canadia Housing Starts figures came in lower than expectations at 196.125k/201.2K as we start to move into a new light US session. European stocks are down, with US futures following suit while commodities are broadly higher.
Bijoy Kar of MIG Bank notes that the pair has confirmed the break of its support at 0.9906 and is now testing key support at 0.9875. He feels that the underlying trend is negative, therefore, he sees the rise from 0.9633 as a counter trend move.
Amidst a morning of soft European data and generally negative risk sentiment, USDCAD has so far lacked the momentum to push through Camarilla R1 resistance at 0.9881 and the daily Pivot Point at 0.9899. The pair, down 0.07% on the days trading is trading close to the last October lows. Canadia Housing Starts figures came in lower than expectations at 196.125k/201.2K as we start to move into a new light US session. European stocks are down, with US futures following suit while commodities are broadly higher.
Bijoy Kar of MIG Bank notes that the pair has confirmed the break of its support at 0.9906 and is now testing key support at 0.9875. He feels that the underlying trend is negative, therefore, he sees the rise from 0.9633 as a counter trend move.
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