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Forex: USD/CAD edges higher towards 1.0276/77 ahead US retail sales

The USD/CAD has been rising steadfastly ahead of the Retail Sales data in the US. Having traded in a relatively narrow consolidation earlier today, the pair has now broken higher in recent minutes to settle at 1.0276/77 at the time of writing – at this point the cross is operating +0.15% above its opening.

The Technical Analyst Team at ICN.com identifies resistances at 1.0310, onto 1.0355, and eventually 1.0385. Regarding a pullback, the USD/CAD will face measures of calculated support at 1.0260, then 1.0215, and 1.0200.

Later this afternoon at 12:30 GMT, the US is set to release its key retail figures for the month of February. Concerning the CAD, the price of crude oil has edged lower Wednesday, having failed to overtake the 93.00 level – in these moments crude is trading at USD $92.68/bbl.

“The USD/CAD is still being affected by a negative bias, as highlighted by a bearish harmonic Bat Pattern, which we think might trigger a bearish correction. Overall, trading below 1.0355 levels will be considered negative over intraday basis, as the RSI reflects the bearish bias for the pair.” warns the ICN.com Analyst Team.

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