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Forex: USD/CAD retreats off highs to 1.0048/50

FXstreet.com (Barcelona) - The USD/CAD has eased slightly off the 1.0060 level in a highly muted session for the pair, moving in a consolidation of 21 pips (1.0039 – 1.0060). Indeed, the cross has not been able to break in either direction, devoid of catalysts during European trading. That being said, a recent 10 pip easing has took place off session highs, leaving the pair at 1.0048/50 in these moments.

According to the Technical Analyst Team at ICN.com, “The USD/CAD dropped after touching resistance level 1.0080, where we think that the downside move might extend to test 61.8% correction at 1.0015. In fact, the pair should breach the physiological barrier at 1.0000 to extend bearishness.”

At this juncture, the cross is notching a tepid advance of +0.05% and as such, the Mataf.net analyst team posits the next means of resistance at 100.78, followed by 1.0104, and ultimately 1.0125. On the decline, a break below 1.0031 will trigger short-term supports for the USD/CAD at 1.0010, ahead of 0.9984.

Later today in Canada, the economy is slated to reveal some housing data at 12:15 GMT, in a highly subdued Wednesday session, data wise.

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