Forex: USD/CAD returns to opening levels to trade at 0.9972/76

FXstreet.com (Barcelona) - The USDCAD has traded in an extremely narrow 19-pip range Friday (0.9964 - 0.9983) as the cross has failed to establish a direction in during holiday trading. With many in the United States still on holiday, the pair is negotiating the region of 0.9972/66 as it trades near opening levels.

According to the ICN.com analyst team, "The USDCAD maintained stability with daily closing below 0.9980 this week, from which we expect the downside move to remain valid. The stochastic is trading in oversold areas, which limit the downside waves but stability below the mentioned level will keep the bearishness of the negative Butterfly Pattern intact."

Later today, market participants will digest a series of Canadian data, beginning at 13:30 GMT, which includes a variety of CPI indicators. In other news, the price of crude has netted a negligible +0.01% gain today as it settles at USD $87.13 in these moments.

Briefing the technicals, the ICN.com analysts highlight supportive structures at 0.9930 onto 0.9900, and finally 0.9895. On the rise, resistances lie at 0.9980, 1.0000, and ultimately 1.0040.