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Forex: USD/CAD trading positively at 1.0118/24

FXstreet.com (Barcelona) - The USD/CAD recently fell off highs in the 1.0129 level Friday during European trading, as investors await a tranche of economic data out of the United States, including PPI data and Retail Sales at 12:30 GMT. In these moments the cross is trading positively at 1.0118/24, operating at +0.13% above its opening.

Briefing the technicals, the Mataf.net technical analyst team identifies resistances at 1.0144, onto 1.0187, and finally 1.0214. Conversely, a break below 1.0071 will initiate supportive measures at 1.0041 and 0.9800.

“The USD/CAD broke the first target of the bearish harmonic Bat Pattern represented in 38.2% correction of CD Leg residing at 1.0140. Based on technical harmonic analysis, stability below the first target indicates further bearishness to test the second target residing at 1.0015 represented in 61.8% correction” .suggests the ICN.com analyst team.

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