Forex: USD/CAD trading at resistance at 1.0119/24

FXstreet.com (Barcelona) - The USD/CAD has been relatively constrained Friday of any broader attempt at the upside, however the pair does seem to be intent on rising steadfastly ahead of a rather busy US session later today. Building on yesterday’s uneven performance, the cross is now settling at 1.0119/24, slightly off its highs of 1.0134 earlier today.

At this juncture the cross has risen +0.17% above its opening Friday. According to the Mataf.net technical analyst team, the USD/CAD will encounter its next short-term resistances at 1.0122, followed by 1.0141, and 1.0173. Conversely, the pair is slated to face resistance at 1.0071, then 1.0039, and ultimately 1.0020.

“The USD/CAD once again failed to maintain trading below 1.0075 – we will give the bearish harmonic Bat Pattern another chance since trading remains below the first target at 1.0140 and Linear Regression Indicators are negative.” warns the ICN.com Technical Analyst team.

Later on tap today investors will get dual exposure into the North American economies, starting first with the Nonfarm Payrolls at 12:30 GMT, and later by BoC Governor Mark Carneys Speech at 17:05 GMT.

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