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Forex: USD/CAD trading negatively at 1.0265/66

The USD/CAD has oscillated in a 26-pip range 1.0254 - 1.0280) Tuesday, as the pair has seesawed back and forth during European trading. In its most recent move, the cross is moving into a trough at 1.0265/66, down a tepid -0.09% at the time of writing.

According to the ICN.com Analyst Team, “The USD/CAD is starting to reflect weakness, providing a negative candlestick formation close to Potential Reversal Zone (PRZ) of the bearish harmonic Bat Pattern. The negative possibility is valid now and trading below the 1.0355 level could cause a bearish correction, targeting the 1.0140 region at least.”

With regards to the CAD, crude oil has edged lower Tuesday, after hitting the 90.70 mark earlier today. In these moments the price of crude has settled at USD $90.32/bbl.

The ICN.com analysts point to supports at 1.0240, followed by 1.0205, and 1.0185. On the positive side, the USD/CAD will encounter resistive means at 1.0260, then 1.0290, and ultimately 1.0310.

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