Forex: USD/CAD trading below parity
Forex pairs in this Article »
USD/CAD
FXstreet.com (Barcelona) - The USDCAD has been utterly static during European trading, refusing to budge from its limited spectrum of trading (0.9983 - 1.0007) Monday. In spite of an attempt to regain parity, the pair has waned slightly and fallen below this key level, instead focusing on the region of 0.9889/93 in these moments.
With the US on holiday today due to the observance of Veterans Day, trading looks destined to be muted or at least diminished relative to its usual levels. The price of crude, always pertinent to the cross, is trading at USD $85.92, down -0.17% on the day.
The USDCAD is currently navigating through negative territory, and consistent with the technical calculations of the ICN.com analysts, the pair will encounter supportive means at 0.9950, followed by 0.9910, towards 0.9875. On the ascension, a prolonged thrust above the 1.0010 mark will initiate corrective resistance at 1.0095 and 1.0140.
"The upside move remains limited to areas below the 1.0040 region and stability below this level keeps the effect of the bearish Butterfly Pattern. Moreover, the stochastic offers overbought signs and RSI is biased negatively. We expect the pair to start a new downside correction, and remains likely over intraday basis." notes the ICN.com analyst team.
With the US on holiday today due to the observance of Veterans Day, trading looks destined to be muted or at least diminished relative to its usual levels. The price of crude, always pertinent to the cross, is trading at USD $85.92, down -0.17% on the day.
The USDCAD is currently navigating through negative territory, and consistent with the technical calculations of the ICN.com analysts, the pair will encounter supportive means at 0.9950, followed by 0.9910, towards 0.9875. On the ascension, a prolonged thrust above the 1.0010 mark will initiate corrective resistance at 1.0095 and 1.0140.
"The upside move remains limited to areas below the 1.0040 region and stability below this level keeps the effect of the bearish Butterfly Pattern. Moreover, the stochastic offers overbought signs and RSI is biased negatively. We expect the pair to start a new downside correction, and remains likely over intraday basis." notes the ICN.com analyst team.
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