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Forex: USD/CAD holds above 1.0300

The USD/CAD has been trading off its European highs (1.0316) Friday, ahead of some pivotal data releases later today during the US session. Though easing slightly, the pair is now trading at 1.0305/07, holding in positive territory.

Later today at 13:30 GMT, investors will awaiting the Nonfarm payrolls (February) and several other indicators out of the United States. Sticking with North America, Canada is slated to release several labor figures of its own.

“The USD/CAD remained limited in narrow level below the ideal Potential Reversal Zone (PRZ) of the suggested bearish harmonic Bat Pattern. Holding below 1.0355 support possible negativity for today, while areas of 1.0445 must remain intact to keep the bearish outlook valid.” Notes the ICN.com analyst team.

The ICN.com analysts point to resistances at 1.0355, onto 1.0385, and finally 1.0420. Conversely, the USD/CAD will face supports at 1.0290 ahead of 1.0260, and 1.0215.

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