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Forex: USD/CAD trading positively at 1.0285/91

After peaking at 1.0311 (intraday maximum) during European trading, the USD/CAD has edged lower into the US session. Despite losing its grasp on the 1.0300 level however, the pair has hung onto positive territory and in these moments is trading at 1.0285/91, up +0.13% from its opening.

According to the ICN.com Technical Analyst Team, the USD/CAD faces resistive means at 1.0310, 1.0355, and finally 1.0420. On the other side, a break below 1.0205 will initiate supportive measures at 1.0165, up to 1.0120.

In the United States, the ISM New York Index (February) yielded a result of 55.8, compared with 56.7 in the previous month. Concerning the CAD, the price of crude is trading at USD $90.29/bbl, as it continues its movement towards the 90.00 barrier.

“Prolonged stability below the 1.0355 level keeps the likelihood for the downside correction, taking into consideration that we need to confirm the harmonic pattern; until this scenario occurs we prefer to remain neutral to see how the pair will react around the ideal reversal zone at 1.0355.” writes the ICN.com analyst team.

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