Mataf.net analysts point to supportive means at 0.9738, followed by 0.9720, and 0.9689. On the upside or in the event of a crossover into positive territory, the resistive structures of 0.9787, followed by 0.9818, and finally 0.9836 will provide corrective means for the USD/CAD.
The afternoon will hold little surprises for the USD/CAD Tuesday, as no groundbreaking indicators or announcements are expected to be released. The lone exception is the Housing Starts s.a. (YoY) in the Canadian economy at 12:15 GMT, which could provide some direction for the relatively stagnant pair today. Moreover, the price of crude has given a slight boost to the CAD, as it has settled at USD $89.74, up +0.46% on the day.
According to the technical analyst team at ICN.com, “The USD/CAD maintains the downside bias after it returned below 0.9800, where stability below this level increases the influence of the Rising Wedge provided on the chart and might extend the downside wave. The stochastic entered oversold areas yet we do not have any upside reversal signs as of yet.”