Having already broken through calculated resistance at 0.9825, the USD/CAD will meet additional measures of correction at 0.9870 and 0.9900. On the downside, a pattern reversal or consolidation movement will initiate supportive means at 0.9760, then 0.9715, and finally 0.9680, according to the ICN.com Analyst Team.
In other news, crude oil has taken a further tumble this afternoon as the price has settled in the region of USD $90.60, down again today -0.84%.
Consistent with the analysis of the Technical Team at ICN.com, “All the attempts to stabilize above the 0.9800 remain weak until now and did not carry the pair strongly higher, which inhibits the positive strength. At the same time, we still prefer to stay aside for today to see if the pair will be able to confirm the breach of the mentioned resistance.”
On the data front, is a quiet day for the across the United States and Canada, as neither economy is scheduled to release anything too groundbreaking today. Investors will keep an eye on the price of crude, and more specifically the Energy Information Administration’s Crude Oil Stocks Change (September 21), slated for 14:30 GMT later today.