Forex: USD/CAD falls to 1.0070/77

FXstreet.com (Barcelona) - The USD/CAD has edged lower Thursday, falling nearly 12 pips in recent moments after recording session highs in the region of 1.0090. The movement lower has been accompanied by a return to negative territory as markets brace for events and data in Europe. In these moments the cross has settled at 1.0070/77, down -0.06% during European trading.

According to the ICN.com Technical Analyst Team, “The USD/CAD stable around 50% correction at 1.0075 as negativity is still valid and is shown on Linear Regression Indicators affected by the bearish harmonic Bat Pattern. Trading below 1.0140 keeps the negativity of the pair.

Mataf.net analysts point to supportive means for the USD/CAD at 1.0052, ahead of 1.0027, and ultimately 1.0003. Conversely, a break above 1.0101 will initiate resistance at 1.0125 and 1.150.

May 2, 2013

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