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USD/CAD eases back to 1.0400 level

The USD/CAD has recently waned off its earlier highs at 1.0422, instead easing back towards the 1.0400 level during European trading in these moments.

At the time of writing, the pair has returned to opening levels, notching a marginal gain of +0.01% Wednesday. Mataf.net analysts calculate resistive measures for the USD/CAD at 1.0443, onto 1.0476, and ultimately 1.0535. On the decline, a break below the 1.0351 handle will initiate support at 1.0292 and 1.0259.

According to the ICN.com Technical Analyst Team, “By examining the four-hour interval chart, we will notice some signals indicating some downside move before returning back to the upside, whereas the linear regression indicators are covering the USD/CAD from the upside and momentum indicators are showing a bearish divergence. However, since the pair is stable above 1.0270, the upside move might return today.”

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