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Forex: USD/CAD falls to support at 1.0139/46

FXstreet.com (Barcelona) - The USD/CAD has been entrenched in negative territory, establishing fresh session lows in these moments at 1.0139/46. At this first support, the cross is incurring a loss of -0.19% Wednesday, ahead of what is sure to be a pivotal US session with the looming Fed minutes.

According to the ICN.com technical analyst team, “The USD/CAD is still trading above the first target of the bearish harmonic Bat Pattern at 1.0140, which represents a significant intraday interval of the pair, effectively halting the downside move. Trading below 1.0215 keeps the possibility of extending the downside move valid affected by the referred to harmonic pattern.”

Mataf.net analysts identify the next corrective measures of support at 1.0140, ahead of 1.0116, and 1.0099. Regarding a paring of losses that have thus stymied crippled any upside, resistances for the USD/CAD will trigger should the pair reach 1.0181, onto 1.0198, and finally the 1.0222 handle.

The economic calendar looks very thin heading into the FOMC minutes later today at 18:00 GMT. Regarding the CAD, the price of crude has held onto recent advances to trade at USD $94.05/bbl in these moments.

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