Forex: USD/CAD remains capped by 0.9950

FXstreet.com (Córdoba) - After failing to break below the major support area at 0.9840 on Wednesday, the USDCAD started an upward corrective movement and turned positive on the week, as fragile sentiment and oil's drop weighed on the Loonie. However, the USDCAD recovery has found strong resistance at 0.9950, level that has been capping the cross over the last days.

Intraday speaking, USDCAD trades rangebound below the mentioned level, unable to pick up momentum and set a fresh direction. At time of writing, USDCAD is quoting at the 0.9935/40 zone, virtually unchanged on Friday. In terms of technical levels, next resistances are seen at 0.9950, 0.9970 and 0.9990, while supports could be found at 0.9900, 0.9880 and 0.9940.