Forex: USD/CAD trading near session highs at 0.9951/54
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USD/CAD
FXstreet.com (Barcelona) - The USDCAD has rallied during the afternoon of European trading, after succumbing the depths of 0.9927 (intraday minimum) earlier today. During the onset of American trading however, the cross is establishing session highs in the region of 0.9951/54.
The USDCAD is holding above its trendline it rejected earlier this week on Monday. This suggests that corrective recovery risk is building up, possibly towards the 0.9900 level. A violation of this region will call for a run at the 1.0083 level, above which will trigger its medium-term uptrend followed by the 1.0125 level.
The USDCAD is trading positively Wednesday and securing an advance of +0.06% above its opening level. As such, the technical analyst team at Mataf.net points to the propensity of resistive structures at 0.9957, 0.9973, and finally 0.9999. On the decline, the pair will encounter supportive bastions at 0.9915, onto 0.9889 and finally 0.9873.
Later this afternoon, the United States is slated to release the results of the EIA Crude Oil Stocks Change (November 23) at 15:30 GMT. At the time of writing, the price of crude oil is trading at USD $86.44, down -0.85% on the day.
The USDCAD is holding above its trendline it rejected earlier this week on Monday. This suggests that corrective recovery risk is building up, possibly towards the 0.9900 level. A violation of this region will call for a run at the 1.0083 level, above which will trigger its medium-term uptrend followed by the 1.0125 level.
The USDCAD is trading positively Wednesday and securing an advance of +0.06% above its opening level. As such, the technical analyst team at Mataf.net points to the propensity of resistive structures at 0.9957, 0.9973, and finally 0.9999. On the decline, the pair will encounter supportive bastions at 0.9915, onto 0.9889 and finally 0.9873.
Later this afternoon, the United States is slated to release the results of the EIA Crude Oil Stocks Change (November 23) at 15:30 GMT. At the time of writing, the price of crude oil is trading at USD $86.44, down -0.85% on the day.
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