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20 Mar 2013
Forex: USD/CAD recovers the mark of 1.0255/60
FXstreet.com (Barcelona) - After bottoming out at 1.0236 (intraday minimum) Wednesday, the USD/CAD has recovered nearly 25 pips in recent minutes to trade at 1.0255/60 at the time of writing. During US trading, the cross is still off -0.16% from its opening however.
In the United States, EIA Crude Oil Stocks change (March 15) reported a figure of -1.314M, compared to 2.624M previously. Later today at 18:00 GMT, investors will be tuned into the FOMC minutes.
“The USD/CAD started moving to the downside, proving it is still affected by the bearish harmonic Bat Pattern with stability below the 1.0295 level. The downside move might extend during the rest of today’s session, as breakout below 1.0215 is required to negate the effect of positivity shown on the stochastic.” warns the ICN.com analyst team.
According to ICN.com analysts, the USD/CAD will encounter means of supportive correction at 1.0215, onto the 1.0200 handle. Conversely, a break above the 1.0260 resistance will initiate short-term measures at 1.0295 ahead of 1.0310.
In the United States, EIA Crude Oil Stocks change (March 15) reported a figure of -1.314M, compared to 2.624M previously. Later today at 18:00 GMT, investors will be tuned into the FOMC minutes.
“The USD/CAD started moving to the downside, proving it is still affected by the bearish harmonic Bat Pattern with stability below the 1.0295 level. The downside move might extend during the rest of today’s session, as breakout below 1.0215 is required to negate the effect of positivity shown on the stochastic.” warns the ICN.com analyst team.
According to ICN.com analysts, the USD/CAD will encounter means of supportive correction at 1.0215, onto the 1.0200 handle. Conversely, a break above the 1.0260 resistance will initiate short-term measures at 1.0295 ahead of 1.0310.