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14 Mar 2013
Forex: USD/CAD trading negatively at 1.0273/76 ahead of US PPI
The USD/CAD operated in a very narrow trading range Thursday, ahead of some key data in the American session later today. Having oscillated between a 28-pip spread (1.0257-1.0285), the cross is now trading in negative territory at a marginal -0.05% loss. In these moments the pair has settled at 1.0273/76.
The USD/CAD has been trading within a narrow range from over a week, limited from the upside below Potential Reversal Zone (PRZ) of the bearish harmonic Bat Pattern. Prolonged stability below the 1.0355 level keeps the possibility of a downside move of the harmonic pattern valid, especially that the pair is stable below Linear Regression Indicators.” warns the ICN.com analyst team.
ICN.com points to supports at 1.0260, onto 1.0215, and finally the 1.0200 downside barrier. Conversely, a movement higher will result in the USD/CAD meeting resistance at 1.0290, then 1.0310, and finally 1.0355.
Later today at 12:30 GMT, Canada is slated to reveal the New Housing Price Index (MoM/YoY). Moreover, in the United States, investors will be tuned into PPI data, which looks to trend higher over February.
The USD/CAD has been trading within a narrow range from over a week, limited from the upside below Potential Reversal Zone (PRZ) of the bearish harmonic Bat Pattern. Prolonged stability below the 1.0355 level keeps the possibility of a downside move of the harmonic pattern valid, especially that the pair is stable below Linear Regression Indicators.” warns the ICN.com analyst team.
ICN.com points to supports at 1.0260, onto 1.0215, and finally the 1.0200 downside barrier. Conversely, a movement higher will result in the USD/CAD meeting resistance at 1.0290, then 1.0310, and finally 1.0355.
Later today at 12:30 GMT, Canada is slated to reveal the New Housing Price Index (MoM/YoY). Moreover, in the United States, investors will be tuned into PPI data, which looks to trend higher over February.