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Forex: USD/CAD testing positive territory at 1.0022/28

The USD/CAD has traded in a very narrow consolidation Wednesday, ranging between 1.0012 and 1.0045. During American trading, the cross has moved unevenly, returning to opening levels at 1.0022/28 as it is attempting to make a return into positive territory. Concerning the CAD, the price of crude continues to hold recent gains, as it is now operating at USD $97.42.

According to Mark De La Paz, an Analyst at FX Instructor, “The market bias for the USD/CAD is strictly bearish with prices under a strong support level at 1.0043 the Pivot Point. Given that the Bullish Harami is a low level bullish reversal pattern, it is necessary to look for a close above the strong resistance first before taking action.”

Earlier today in the United States, Retail Sales (MoM) rose +0.1% in January, against expectations of +0.1% and down from +0.5% previously. In addition, Retail Sales ex Autos (MoM) reported a figure of +0.2% in January, exceeding a consensus of only +0.1%. Meanwhile, the EIA Crude Oil Stocks change (February 8) yielded a result of only 0.56M, against expectations of 2.4M.

De La Paz identifies the next means of resistance at 1.0043 onto 1.0065, and finally 1.0109. Conversely, a prolonged plunge below the 0.9999 barrier will trigger supportive measures at 0.9976 and eventually 0.9932.

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