OctaFX | OctaFX Forex Broker
Open trading account

Forex: USD/CAD trading negatively at 1.0176/78

The USD/CAD fell during overnight trading, down to a session low of 1.0157 Friday, before ultimately bottoming out and stabilizing. European trading however has seen a jump in the exchange, as an 18-pip jump in recent minutes has been tentatively kept the pair in the region of 1.0176/78 – where the cross trades presently.

Currently, the cross is operating in negative territory, down -0.08% Friday. The ICN.com technical analyst team points to the supports at 1.0160 onto 1.0120, and finally the 1.0100 level. Conversely, a staged recovery movement above the 1.0205 handle will rekindle resistances at the 1.0240 onto 1.0290.

According to the ICN.com Technical Analyst Team, “Positivity is expected to extend as the linear regression indicators are still trading positively and the USD/CAD is stable above 1.0055 levels might form a harmonic formation. As such, great volatility is expected and perhaps some bearish correction is due to overbought signals on momentum indicators.”

Friday afternoon during American trading looks to be dominated by data releases out of Canada, which include both a generous dose of CPI data and Retail Sales, beginning at 13:30 GMT. In relation to the CAD, the price of crude has settled in the area of USD $93.25, marking a dismal week for commodities.

Forex Flash: What lies ahead of EUR/USD? – BTMU, Commerzbank and UBS

The single currency remains glued to the area around 1.3210/15 on Friday, waiting for more relevant data to define a trend. The imminent release of the repayment figures for the second LTRO...
Read more Previous

Commodities Brief – Gold prices rebound Friday amidst the indecision surrounding the US stimulus program

Gold prices rebounded on slightly Friday during overnight trading, extending on the tepid advances made Thursday, after which a tranche of economic indicators in the United States pointed to an uneven recovery in the world’s largest economy. Perhaps far more importantly as of late for the yellow metal, hopes were raised that Federal Reserve monetary stimulus would continue. Earlier today, prices peaked at 1586.75 before ultimately waning during European trading down to the 1580 region. However, in recent moments, Gold prices have rebounded towards USD $1582.75 per oz. at the time of writing, with the 20 and 50-day SMA acting as temporary resistance. Looking ahead today, the division amongst US policymakers on whether it should halt its stimulus program should continue to weigh heavily on gold`s inflation hedge appeal.
Read more Next
Start livechat