FXstreet.com (Barcelona) - The USD/CAD has had a sporadic trading session Wednesday, seesawing back and forth as investors get a handle on the direction of the exchange rate. In its most current fluctuation, the pair has recovered 10 pips, adding to its gain, which now has the pair trading at 0.9884 or up +0.22%.
According to the technical analyst team at ICN.com, “The descending channel continues to pressure the pair to the downside, where the USD/CAD is also stable below the 0.9870 level, which keeps the bearish pressure intact. Trading above the Linear Regression Indicators is now restricting the downside move however, where the 34 indicator is acting a support level for the pair.”
Later today, the BoC Interest Rate Decision (September 5) is scheduled, which could move the pair. The ICN.com analysts calculate the USD/CAD’s next resistances at 0.9890, then 0.9935, and finally 0.9970. On the downturn, a consolidation will take the pair towards eventual supports located at 0.9845, 0.9825, and 0.9800.
According to the technical analyst team at ICN.com, “The descending channel continues to pressure the pair to the downside, where the USD/CAD is also stable below the 0.9870 level, which keeps the bearish pressure intact. Trading above the Linear Regression Indicators is now restricting the downside move however, where the 34 indicator is acting a support level for the pair.”
Later today, the BoC Interest Rate Decision (September 5) is scheduled, which could move the pair. The ICN.com analysts calculate the USD/CAD’s next resistances at 0.9890, then 0.9935, and finally 0.9970. On the downturn, a consolidation will take the pair towards eventual supports located at 0.9845, 0.9825, and 0.9800.
