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Forex: USD/CAD recovers the mark of 1.0262/64

The USD/CAD has been paring its losses since the release of US data earlier – the pair bottomed out at 1.0251 earlier today at the onset of the American session. However, in recent minutes the cross has recovered the mark of 1.0262/64, refortified by support. At this juncture the pair is still -0.14% off it’s opening however.

The ICN.com Technical Analyst team calculates the next short-term supports at 1.0260, ahead of the 1.0215 level and finally the 1.0200 barrier. Conversely, an extension upwards will result in the testing of resistances at 1.0290, then 1.0310, and eventually 1.0355.

According to the ICN.com Analyst Team, “A positive signal shown on the stochastic shows upside momentum restricting the expected bearish move. However, coupled with this, stability below the 1.0355 level will make us hold on to our negative expectations based on harmonic analysis.”

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