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USD/CAD trading sideways at 1.0279/80

FXstreet.com (Barcelona) - The USD/CAD has engaged in sideways trading during US trading Monday, having settled recently slightly off its opening levels at 1.0279/80.

According to the Mataf.net analyst team, the USD/CAD will look to eventually test supportive levels at 1.0216, ahead of 1.0136, and finally 1.0088. Alternatively, a paring of recent losses will drive the cross towards resistances at 1.0344, then 1.0392, onto 1.0472.

In the United States, the Chicago Fed National Activity Index (April) came in at -0.53, compared to figure of -0.23 in the previous month. “The USD/CAD moved to the upside sharply last week and approaching key resistance of the ascending channel around 1.0339. Breaching 1.0339 might push the pair further to the upside toward 1.0430 levels. Linear Regression Indicators support the possibility of an upside move this week as far as 1.0175 holds.” notes the ICN.com analyst team.

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