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Forex: USD/CAD fails to overtake 1.0200 level

FXstreet.com (Barcelona) - The USD/CAD has been one of Mondays more active movers during European trading, having peaked at a session high of 1.0199 after a failed attempt at the 1.0200 level. However, in recent moments the cross has surrendered some of its gains to trade back towards the 1.0182/88 level, held by resistance. At the time of writing the pair is still operating at +0.42% above its opening.

After rising above calculated resistance, the Mataf.net technical analyst team identifies further means of correction at 1.0180, onto 1.0213. Conversely, a break below 1.0105 will initiate supportive measures at 1.0072 and 1.0051.

“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, prolonged stability below the first target indicates further bearishness to test the second target at 1.0015 represented in 61.8% correction.” suggests the ICN.com analyst team.

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