OctaFX | OctaFX Forex Broker
Open trading account

Forex: USD/CAD trading negatively at 1.0273/76 ahead of US PPI

The USD/CAD operated in a very narrow trading range Thursday, ahead of some key data in the American session later today. Having oscillated between a 28-pip spread (1.0257-1.0285), the cross is now trading in negative territory at a marginal -0.05% loss. In these moments the pair has settled at 1.0273/76.

The USD/CAD has been trading within a narrow range from over a week, limited from the upside below Potential Reversal Zone (PRZ) of the bearish harmonic Bat Pattern. Prolonged stability below the 1.0355 level keeps the possibility of a downside move of the harmonic pattern valid, especially that the pair is stable below Linear Regression Indicators.” warns the ICN.com analyst team.

ICN.com points to supports at 1.0260, onto 1.0215, and finally the 1.0200 downside barrier. Conversely, a movement higher will result in the USD/CAD meeting resistance at 1.0290, then 1.0310, and finally 1.0355.

Later today at 12:30 GMT, Canada is slated to reveal the New Housing Price Index (MoM/YoY). Moreover, in the United States, investors will be tuned into PPI data, which looks to trend higher over February.

Forex: GBP/USD at 1.4933/50 range as London morning ends

Ever since the early London session test of the opening price of 1.4923, the GBP/USD became limited at 1.4933/50 range. The pair is currently at the upper band. The economic calendar will only provide more data at 12:30 GMT.
Read more Previous

European markets higher as EU leaders meet

The German DAX 30 (+0.74%), the French CAC 40 (+0.58%), the Italian FTSE MIB (+1.16%) and the Spanish IBEX 35 (+1.07%) are edging higher on Thursday as EU leaders meet for the two-day Summit with focus on promoting growth while unemployment looms.
Read more Next
Start livechat