FXstreet.com (Barcelona) - The currency pair briefly lost its grip on parity earlier today (0.9995 daily min), as a recent rally in oil has plagued the exchange rate. Since then however, a tepid attempt at recovery has unfolded, culminating in the USD/CAD’s movement back towards positive territory.
It will be a relatively quiet day in terms of data releases across both the American and Canadian economies – compounding this trend is the static price of crude Monday, which has settled at USD $91.23 or down -0.19%. According to the Mark De La Paz, an Analyst at FX Instructor, “The market is generally bearish while the pattern is just under a moderate resistance at 1.0019. Consider buys near a close above 1.0019 for a push towards the 1.0052 resistance, which suggests a rally to 1.0103.”
The cross is presently trading in the region of 1.0016, constituting a loss of -0.1% below its opening level. Mark De La Paz cites the next supports at the levels of 0.9968, and 0.9935. On the ascension, the pair’s advance will be sequestered by measures of resistance at 1.0019, then 1.0052, and ultimately 1.0103.
It will be a relatively quiet day in terms of data releases across both the American and Canadian economies – compounding this trend is the static price of crude Monday, which has settled at USD $91.23 or down -0.19%. According to the Mark De La Paz, an Analyst at FX Instructor, “The market is generally bearish while the pattern is just under a moderate resistance at 1.0019. Consider buys near a close above 1.0019 for a push towards the 1.0052 resistance, which suggests a rally to 1.0103.”
The cross is presently trading in the region of 1.0016, constituting a loss of -0.1% below its opening level. Mark De La Paz cites the next supports at the levels of 0.9968, and 0.9935. On the ascension, the pair’s advance will be sequestered by measures of resistance at 1.0019, then 1.0052, and ultimately 1.0103.
