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Forex: USD/CAD sideways trading at 1.0253/58

FXstreet.com (Barcelona) - The USD/CAD has operated in a rather narrow 17-pip consolidation Friday (1.0246 - 1.0263). With a lack of catalysts and a sideways consolidation currently, the pair has retraced back to opening levels and testing the threshold at negative territory at 1.0253/58 in these moments.

Mataf.net analysts calculate the means of supportive correction at 1.0237, ahead of 1.0216, and 1.0200. Conversely, a break above 1.0274 will initiate resistive measures at 1.0290 and 1.0311.

“The USD/CAD stabled above key resistance levels of the downside move and above the 1.0215 level, which we note is positive as it stabled above its linear regression indicators. Therefore, the bullish move might extend this week unless the 1.0185 handle is broken and the pair stabilized below it.” suggests the ICN.com analyst team.

Later today at 14:00 GMT, investors will learn of several indicators in the United States including housing statistics and the Chicago Fed National Activity Index.

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