Forex: USD/CAD trading at session highs at 1.0091/93

FXstreet.com (Barcelona) - The USD/CAD shot upwards during overnight trading yesterday – subsequently this movement was rounded out a robust opening Friday. During European trading, the cross is now trading at session highs, establishing a new figure of 1.0091/93 in these moments, en route to a +0.24% gain this far.

According to the ICN.com Technical Analyst Team, “The USD/CAD rebounded to the upside from the second target of the bearish harmonic Bat Pattern. The upside move force us to think that 61.8% correction at 1.005 is strong enough to support some bullish resistance, as it remains valid by stabilizing above the psychological barrier 1.0000.”

Mataf.net analysts point to resistive means for the USD/CAD at 1.0106, onto 1.0137, and ultimately 1.0183. Conversely, a break below the 1.0029 handle will initiate support at 0.9983 and 0.9952.

Later today at 12:30 GMT, investors will learn of several key indicators out of Canada, including the Unemployment Rate and Net Change of Employment in April.