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Forex: USD/CAD trading sideways at 1.0152/54

FXstreet.com (Barcelona) - The USD/CAD has continued its sideways trading Thursday, operating in tight consolidation between a 25-pip range (1.0134 – 1.0159). During European trading, the pair has settled in positive territory at 1.0152/54, up a tepid +0.03%.

According to the ICN.com analyst team, “The USD/CAD is sharply fluctuating close to the first target of the bearish harmonic Bat Pattern. Moreover, the RSI is still showing general bearish bias as Linear Regression Indicators are trading negatively forcing us to think that the pair might further achieve targets of the referred to harmonic pattern.”

Mataf.net analysts point to supports at 1.0156, onto the 1.0170 handle, and finally 1.0186. On the decline, a break below the 1.0126 level will initiate resistance at 1.0111 and 1.0096.

After a European session that was dominated by central banks, the afternoon will likely be driven by economic indicators in the US, along with Fed Chairman, Ben Bernanke’s speech.

Forex: EUR/GBP erases gains after BoE inaction

Following the retracement from 0.8521 highs on disappointing Services PMI in Europe, the EUR/GBP found support at 0.8478 low and then moved above the 0.8500 mark ahead of the BoE decision. The cross eased back to the opening price at 0.8490 after the announcement of an unchanged stance, with rate at 0.5% and QE at £375B.
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