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Forex: USD/CAD retreats to opening levels near 1.0228/29

FXstreet.com (Barcelona) - The USD/CAD has spent most of Monday trading in positive territory, however in the aftermath of Canadian data, the cross has pared its gains and retreated back to opening levels at 1.0228/29 in these moments.

According to the ICN.com Analyst Team, “The USD/CAD is trading above the 23.6% correction of CD Leg of the bearish harmonic Bat Pattern. That doesn’t mean the pattern’s affect is over; though stability below 1.0355 keeps the possibility of a downside move valid this week.”

In Canada, Canadian Portfolio Investment in Foreign Securities (January) as reported at $-1.18B, compared with a figure of $5.47B previously. In addition, Foreign Portfolio Investment in Canadian Securities (January) climbed to $13.34B, beating expectations of only $7.85B.

“We remain bullish on the USD/CAD as long as the 1.0186 support holds – there is scope for a break above resistance at 1.0296, opening 1.0366.” suggests Research Analyst Gareth Berry at UBS.

Canada: Foreign portfolio in Canadian securities jump to $13.34B in January

The Canadian portfolio investment in foreign securities fell from $5.47B to $-1.18B in January, while the foreign portfolio investment in Canadian securities rose from $-1.92B to $13.34B, beating consensus of $7.85B.
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Forex: USD/JPY closer to Friday's close

The USD/JPY is attempting to complete the full retracement of the losses suffered as soon as the market opened for the week, hitting 94.09 low. The pair is currently trading 100 pips higher, at 95.09, and has already reached as high as 95.19, closer to Friday's close of 95.31.
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