Forex: USD/CAD recovers the mark of 1.0009/12

FXstreet.com (Barcelona) - The USDCAD has recently bounced off of its session lows (0.9995) during European trading, as it recovers the mark of parity Wednesday. Following the recovery movement, the pair is sitting at 1.0009/12 at the time of writing, seemingly devoid of any catalysts thus far during the day.

According to Mark De La Paz, an Analyst at FX Instructor, "The USDCAD has a bias for the sell-side. Hourly charts also have a bearish engulfing confirming market direction though proximity to a moderate support at 0.9996, which suggests we should wait for a close below it before jumping short."

Later this afternoon the United States will capture the spotlight as it releases several key indicators, highlighted by retail sales data. Specifically however, investors will be paying close attention to the FOMC minutes at 19:00 GMT. On the other side, Canada will be devoid of any news, however in regards to the Canadian dollar, the price of crude has settled in the region of USD $84.34, or down -0.05% in these moments.

The cross is presently netting a decline of -0.10% below its opening as it is entrenched in negative territory. De La Paz points to supports at 0.9996, followed by 0.9971 onto 0.9952. Regarding a recovery or upward surge, the USDCAD is slated to encounter means of resistance at 1.0040 and 1.0060.