Forex: USD/CAD trading near opening levels at 0.9928/31

FXstreet.com (Barcelona) - The USDCAD is operating, nearly unchanged Monday (+0.01%) as it navigates the region of 0.9928/31 during European trading. In recent moments, the pair has recovered nearly 12 pips off a session low (0.9914), testing the threshold between positive and negative territory.

"The overall trend in the USDCAD is bearish though hourly charts appear to be overextend. With a mid level reversal pattern, a high wave Doji (Bull) has surfaced, and as such we risk a technical correction though this is likely to be limited to the 0.9925 region - the prudent course of action is to remain sidelined." writes Mark De La Paz, an analyst a FX Instructor.

Presently there appear to be little pricing movements or catalysts afflicting the pair - the only pertinent data scheduled a trickle of manufacturing data out of the United States later this afternoon. In terms of the CAD however, the price of crude is currently trading at US $88.10, down -0.20%.

According to the analyst team at Mataf.net, resistances lie ahead at 0.9968, 1.0008, onto 1.0034. Conversely, supportive means will kick in at 0.9902, 0.9876, and finally 0.9836.