Forex: USD/CAD trades near parity
Forex pairs in this Article »
USD/CAD
FXstreet.com (Barcelona) - The USDCAD has continued its downward movement today, as the pair surrendered its gains during European trading, falling briefly below parity. The downside move began yesterday off of the 1.0040 region (Nov 15 session high), culminating in a bottoming out at 0.9994 today. Currently the cross is incurring a loss of -0.06% in these moments.
"The USDCAD remains below the 1.0040 level, which keeps the pressure of the bearish Butterfly Pattern intact. The stochastic needs to move lower to unload the overbought signals and that further supports the negative outlook and our expectations for the extension of the downside move today." warns the ICN.com Analyst Team.
The USDCAD is trading near opening levels during European trading Friday morning, and ICN.com analysts point to supportive measures at 1.0000, followed by 0.9965, onto 0.9930. On the ascension or in the event of a prolonged recovery, a breach of the 1.0040 level will trigger short-term resistances at 1.0095 and 1.0100.
In terms of data, there will be a definitive lack of key indicators out of the US and Canadian economies, with the exception of a token amount of industrial figures out of the US at 14:15 GMT. Regarding the strength of the CAD, the price of crude is currently trading at USD $85.33, down a slight -0.14% on the day so far.
"The USDCAD remains below the 1.0040 level, which keeps the pressure of the bearish Butterfly Pattern intact. The stochastic needs to move lower to unload the overbought signals and that further supports the negative outlook and our expectations for the extension of the downside move today." warns the ICN.com Analyst Team.
The USDCAD is trading near opening levels during European trading Friday morning, and ICN.com analysts point to supportive measures at 1.0000, followed by 0.9965, onto 0.9930. On the ascension or in the event of a prolonged recovery, a breach of the 1.0040 level will trigger short-term resistances at 1.0095 and 1.0100.
In terms of data, there will be a definitive lack of key indicators out of the US and Canadian economies, with the exception of a token amount of industrial figures out of the US at 14:15 GMT. Regarding the strength of the CAD, the price of crude is currently trading at USD $85.33, down a slight -0.14% on the day so far.
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