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Forex: USD/CAD recovers the mark of 1.0147/49

FXstreet.com (Barcelona) - The USD/CAD has pared some of its losses Wednesday, having rebounded slightly off its session lows at 1.0138. A subsequent modest recovery has taken place at the onset of US trading, leading to the pair testing the area of 1.0147/49, still incurring a -0.14% loss on the day.

“The bearish trend since the beginning of March is still intact, which means a further drift lower is more likely without a significant catalyst. The mid 1.0100 area has been sticky so far this week, but a slide below there could see a retest of 1.0100 intraday. For us, anything below 1.0100 is a buying opportunity. A positive catalyst (such as the FOMC) would look to resistance at 1.0200 initially.” notes the TD Securities team.

Briefing the technical levels, the technical analyst team at ICN.com analyst team points to supports at 1.0140 onto the 1.0100 barrier, and ultimately 1.0075. Alternatively, a movement higher will enable resistances at 1.0185, ahead of the upside barrier at 1.0200, and finally 1.0215.

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