FXstreet.com (Córdoba) - The decline of the USD/CAD seen earlier in the session found support at the 1.0170 area from where it bounced in the wake of disappointing US housing data and a negative turn in oil prices.
However, USD/CAD got back on downward track as the 1.0200 resistance area halted the bounce, with the pair currently quoting around 1.0180/85, still recording a 0.3% loss on Wednesday.
"The failed intraday test of the 40-day moving average (1.0224 today) supports the impression of a market that is still essentially range bound between support in the 1.01 area and resistance in the 1.0225 zone", says the TD Securities analyst team. "Daily trend momentum is weak so we look for more sideways drift in the short-term".
However, USD/CAD got back on downward track as the 1.0200 resistance area halted the bounce, with the pair currently quoting around 1.0180/85, still recording a 0.3% loss on Wednesday.
"The failed intraday test of the 40-day moving average (1.0224 today) supports the impression of a market that is still essentially range bound between support in the 1.01 area and resistance in the 1.0225 zone", says the TD Securities analyst team. "Daily trend momentum is weak so we look for more sideways drift in the short-term".
