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Forex: USD/CAD recovers the mark of 1.0255/60

FXstreet.com (Barcelona) - After bottoming out at 1.0236 (intraday minimum) Wednesday, the USD/CAD has recovered nearly 25 pips in recent minutes to trade at 1.0255/60 at the time of writing. During US trading, the cross is still off -0.16% from its opening however.

In the United States, EIA Crude Oil Stocks change (March 15) reported a figure of -1.314M, compared to 2.624M previously. Later today at 18:00 GMT, investors will be tuned into the FOMC minutes.

“The USD/CAD started moving to the downside, proving it is still affected by the bearish harmonic Bat Pattern with stability below the 1.0295 level. The downside move might extend during the rest of today’s session, as breakout below 1.0215 is required to negate the effect of positivity shown on the stochastic.” warns the ICN.com analyst team.

According to ICN.com analysts, the USD/CAD will encounter means of supportive correction at 1.0215, onto the 1.0200 handle. Conversely, a break above the 1.0260 resistance will initiate short-term measures at 1.0295 ahead of 1.0310.

Commodities Brief – Previous metals trade lower ahead of FOMC, crude falls below 93.00

The price of gold has edged lower, though is still holding onto the 1610 level Wednesday ahead of the FOMC minutes later today at 18:00 GMT. While the overall message is expected to contain more of the same – i.e. a continuation of the stimulus measures to buoy the economy, the yellow metal seems to be trading in a narrow range, refusing to break in either direction. In these moments the price of gold has settled at USD $1609.80 per oz. during American trading.
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Forex: EUR/USD finds resistance at 1.2970 ahead of EMU confidence

The EUR/USD keeps on moving higher today, as investors switch off their concerns regarding Cyprus and focus on the FOMC monetary policy decision that is taking place at 18:00 GMT. From 1.2857 low, the market has been climbing the chart and kept rising after the German bund auction and EMU current account data. As of writing, the EUR/USD is facing resistance around 1.2970 ahead of the preliminary release of EMU March consumer confidence, expected to improve from -23.6 to -23.3.
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