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USD/CAD trading at session highs at 1.0322/24

FXstreet.com (Barcelona) - The USD/CAD began the road to recovery Friday, following what was a fairly sizable plunge off the 1.0390 region yesterday (Thursday high).

In terms of economic data, later this afternoon will be dominated by more US statistics, however Canada is also slated to release its GDP figures at 12:30 GMT.

At the time of writing, the pair has moved higher to the 1.0322/24 level, trading at session highs at +0.26% above its opening. Mataf.net analysts calculate resistive measures for the USD/CAD at 1.0365, onto 1.0424, and ultimately 1.0459. On the decline, a break below the 1.0271 handle will initiate support at 1.0236 and 1.0177.

According to the ICN.com Technical Analyst Team, “The USD/CAD rebounded to the upside ignoring the negative signals shown on momentum indicators and responding to the positive signals seen by its linear regression indicators. Ultimately, we see the positivity stabilizing above 1.0339 – the upside move might extend today and trading above 1.0339 is considered positive.”

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