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USD/CAD – pairing losses in European session

FXstreet.com (London) - USD/CAD shed gains from 1.0290 to a low of 1.0216/27 levels while Canada was on a public holiday yesterday. The pair were momentarily relived on a bounce in commodity prices led by metals, but the move was overwhelmed by Fridays Canadian soft CPI.

The pair have regained its positioning in this mornings European session from the open at 1.0240/50 levels to 30/40 pips higher on the morning.

With a relatively light economic calendar, with only retails sales due tomorrow ahead of BoC policy meeting on May 29th, focus will be on Bernanke speaking. Bullish readings offer the pair momentum and support with indicators in EMA’s and Sma 100 10.024 pointing up. However, volatility will likely be the course that this pair will take in an ascending channel subject to risk of a bearish correction due to oversold signals on Stochastic.

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