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Forex: USD/CAD falls below support to trade at 1.0109/13

FXstreet.com (Barcelona) - The USD/CAD has plummeted across European trading Thursday, incurring fresh daily lows at the 1.0109/13. Having broken support, the pair is now entrenched in negative territory, down -0.21% off its opening.

After falling below the 1.0135 support, Gareth Berry a Research Analyst at UBS points to the next corrective measure at 1.0089. Meanwhile, near-term resistance is at 1.0197 onto 1.0251. Berry reiterates a neutral rating for the pair on an intraday basis.

“The USD/CAD’s trading is weak and stable around the first target of the bearish harmonic Bat Pattern at 1.0140, as the stochastic is showing a negative bias that might cause the pair to stable below the target. In addition, breaking the 1.0140 level and stability below it might push the pair into another bearish move reaching 50% and 61.8% correction residing at 1.0075 and 1.0015.” notes the ICN.com analyst team.

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