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Forex: USD/CAD recovers the mark of 1.0134/40

FXstreet.com (Barcelona) - The USD/CAD slipped during European trading to bottom out at a session low of 1.0122 Tuesday. However, US trading has helped rekindle some tepid manner of recovery as the pair has moved back towards the 1.0134/40 level in these moments, still operating -0.40% off its opening.

“The USD/CAD is moving to the downside affected by the bearish harmonic Bat Pattern, as the linear regression indicators support negativity. The pair has to break 1.0140 to extend the downside move reaching the second target of the harmonic pattern represented in 61.8% correction of CD Leg at 1.0015 – meanwhile, trading below 1.0215 will keep our negative outlook.” warns the ICN.com analyst team.

With regards to the CAD, the price of WTI crude has not managed to hold above the 97.00 level, edging back towards USD $96.95/bbl in these moments. Later today in the United States, several economic indicators are on tap, principally Factory Orders data in February at 14:00 GMT.

Following a movement below the 1.0150 support, Mataf.net analysts points to support at 1.0124. On the ascension, the USD/CAD is slated to face short-term resistance at 1.0176, ahead of 1.0193, and finally 1.0202.

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