Forex: USD/CAD trading near calculated resistance at 0.9941/42

FXstreet.com (Barcelona) - The USDCAD has spanned a 40-pip range Tuesday (0.9904 - 0.9947), following earlier results in Canada and the most recent economic figures out of the United States, which indicated the fragility of housing. At the time of writing, the pair has secured itself in positive territory, advancing +0.14% above its opening, whilst settling at 0.9941/42.

Mataf.net analysts cite the next short-term resistances at 0.9942, followed by 0.9955, onto 0.9971. On the decline, the USDCAD trading above the 0.9913 region will initiate resistances at 0.9897, and 0.9884

In the United States, Existing Homes Sales Change (MoM) fell -1.0% in December, against a consensus of +1.2% growth. Moreover, Exiting Home Sales (MoM) came in at 4.9M in December, against expectations of 5.10M.

In regard to the technical analysis, there is a firmer bias despite trading in narrow ranges since the start of the week: "The CAD has slipped broadly on the crosses today and we think that short-term upside risks will extend for USDCAD above 0.9935/40 intraday for a retest of the upper 0.99 resistance zone", they wrote, pointing to support at 0.9885/00.