Forex: USD/CAD trading at 0.9930/34

FXstreet.com (Barcelona) - The USDCAD has remained at the threshold between positive and negative territory for much of the European session Monday. With subdued trading action the pair is currently operating at a mild loss of -0.03% below its opening, at the 0.9930/34 level.

According to the Technical Analyst team at ICN.com, "The USDCAD rose with the end of the session last Friday and is fluctuating around 0.9935 pivotal levels. However, we need stability above the mentioned level to confirm more upside where momentum indicators are showing negative signals that may force the pair back to the downside. Therefore, we remain neutral for now awaiting more confirmations."

There is a definitive shortage of data out of both of the North American economies given the proximity to the Christmas holiday. Concerning the Canadian dollar however, the price of crude has settled in the region of USD $88.96, or -1.91%.

The technical analyst team at ICN.com cites the next supportive measures at 0.9900, followed by 0.9865, onto 0.9825. On the ascension, the USDCAD will face calculated resistance at 0.9935, then 0.9950, and finally 0.9990.