FXstreet.com (Barcelona) - After a brief attempt at recovery ahead of the American session Tuesday, the USD/CAD once again reversed its course and declined further, this time on the heels of a recent data release in Canada. The pair has traded as high as 0.9891 and as low as 0.9849, where it resides at presently – on the day the exchange rate has recorded a -0.31% decline below its opening price.
In Canada, Wholesale Sales (MoM) contracted -0.1% in June, missing consensus expectations of +0.1%, compared with +0.9% in the previous month. In other news, the price of crude has topped USD $97.02, advancing +0.79% at the time of writing. According to the technical analysts at ICN.com, “The downside momentum is more obvious now and is supported by stability below a 88.6% correction at 0.9870. It is worth noting that instability below this level might extend the downside move.”
ICN.com analysts isolate the next supports at 0.9825, 0.9800, and finally 0.9750. On the ascension, a breach of the 0.9870 threshold will open the door towards further resistances at 0.9900 and eventually 0.9935.
In Canada, Wholesale Sales (MoM) contracted -0.1% in June, missing consensus expectations of +0.1%, compared with +0.9% in the previous month. In other news, the price of crude has topped USD $97.02, advancing +0.79% at the time of writing. According to the technical analysts at ICN.com, “The downside momentum is more obvious now and is supported by stability below a 88.6% correction at 0.9870. It is worth noting that instability below this level might extend the downside move.”
ICN.com analysts isolate the next supports at 0.9825, 0.9800, and finally 0.9750. On the ascension, a breach of the 0.9870 threshold will open the door towards further resistances at 0.9900 and eventually 0.9935.
