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Forex: USD/CAD retreats off highs to test the 1.0100 level

FXstreet.com (Barcelona) - The USD/CAD has operated in an extremely narrow 22-pip consolidation Tuesday (1.0088 – 1.0110), unable to break in either direction during European trading. In recent minutes, the cross has retreated off its highs to retest the 1.0100 level, operating presently at a slight loss of -0.05%.

According to the Mataf.net technical analyst team, the USD/CAD will encounter its next short-term supports at 1.0072, followed by 1.0051, and 1.0021. Conversely, the pair is slated to face resistance at 1.0123, then 1.0153, and ultimately 1.0174.

“The USD/CAD failed yesterday to breach 1.0140 levels representing the first target of the bearish harmonic Bat Pattern in which the second target was achieved earlier. Despite failing to breach 1.0140 levels, the pair is stable above 50% correction of CD Leg of the pattern at 1.0075 levels and above Linear Regression Indicators.” recommends the ICN.com Technical Analyst team.

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