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27 Feb 2013
Forex: USD/CAD trading positively at 1.0263/68
The USD/CAD has been confined to a rather narrow trading region (1.0250 daily minimum, 1.0274 daily maximum) ahead of the US session, which looks to be capable of driving the pair in either direction. In recent moments the cross has edged higher into positive territory, operating at 1.0263/68 at the time of writing, up a modest +0.05%.
According to the ICN.com Analyst team, “The upside move extended, as we haven seen the USD/CAD benefit from stability above the 1.0205 level, achieving more gains. We think the bullish move might extend with a target at the 1.0355 region, where a technical formation might be formed.”
The USD/CAD has been held today ahead of the release of some key economic data in the United States, including Durable Goods Orders as well as Home Sales figures in the month of January and the EIA Crude Oil Stocks change (February 22). In addition, this all takes place surrounding the Ben Bernanke testimony as well.
ICN.com analysts identify calculated resistances in the short-term at 1.0290 onto 1.0310, and finally 1.0355. On the negative side, a prolonged break below the 1.0205 level will open up resistances towards 1.0185 and 1.0165.
According to the ICN.com Analyst team, “The upside move extended, as we haven seen the USD/CAD benefit from stability above the 1.0205 level, achieving more gains. We think the bullish move might extend with a target at the 1.0355 region, where a technical formation might be formed.”
The USD/CAD has been held today ahead of the release of some key economic data in the United States, including Durable Goods Orders as well as Home Sales figures in the month of January and the EIA Crude Oil Stocks change (February 22). In addition, this all takes place surrounding the Ben Bernanke testimony as well.
ICN.com analysts identify calculated resistances in the short-term at 1.0290 onto 1.0310, and finally 1.0355. On the negative side, a prolonged break below the 1.0205 level will open up resistances towards 1.0185 and 1.0165.