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Forex: USD/CAD trading at support at 1.0309/10

The USD/CAD has managed to hold above the 1.0300 level Thursday, despite recording a brief session low of 1.0299 during European trading. Having recovered off of this region, the pair has gradually edged higher in recent moments, operating now at 1.0309/10. At this juncture, the pair is still trading at a loss on the day, down -0.10%.

According to the ICN.com Analyst Team, “The USD/CAD moved to the upside yesterday, though remained limited below the Potential Reversal Zone (PRZ) of the bearish Bat Pattern at 1.0355 levels – we also see RSI trading in overbought areas. Therefore, the negative possibility is still valid.”

The American session will be driven primarily by US indicators, which includes the Trade Balance and US Stress Test results at 13:30 GMT. Moreover, in Canada, Building Permits and International Merchandise trade statistics are also due. With regards to the CAD, the price of wti crude oil has settled at USD $90.69/bbl.

The ICN.com analysts point to supports at 1.0310, followed by 1.0290, and the 1.0260 level. On the positive side, the USD/CAD will meet resistive means at 1.0355, then 1.0385, and ultimately 1.0420.

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