Back
18 Mar 2013
Forex: USD/CAD retreats to opening levels near 1.0228/29
FXstreet.com (Barcelona) - The USD/CAD has spent most of Monday trading in positive territory, however in the aftermath of Canadian data, the cross has pared its gains and retreated back to opening levels at 1.0228/29 in these moments.
According to the ICN.com Analyst Team, “The USD/CAD is trading above the 23.6% correction of CD Leg of the bearish harmonic Bat Pattern. That doesn’t mean the pattern’s affect is over; though stability below 1.0355 keeps the possibility of a downside move valid this week.”
In Canada, Canadian Portfolio Investment in Foreign Securities (January) as reported at $-1.18B, compared with a figure of $5.47B previously. In addition, Foreign Portfolio Investment in Canadian Securities (January) climbed to $13.34B, beating expectations of only $7.85B.
“We remain bullish on the USD/CAD as long as the 1.0186 support holds – there is scope for a break above resistance at 1.0296, opening 1.0366.” suggests Research Analyst Gareth Berry at UBS.
According to the ICN.com Analyst Team, “The USD/CAD is trading above the 23.6% correction of CD Leg of the bearish harmonic Bat Pattern. That doesn’t mean the pattern’s affect is over; though stability below 1.0355 keeps the possibility of a downside move valid this week.”
In Canada, Canadian Portfolio Investment in Foreign Securities (January) as reported at $-1.18B, compared with a figure of $5.47B previously. In addition, Foreign Portfolio Investment in Canadian Securities (January) climbed to $13.34B, beating expectations of only $7.85B.
“We remain bullish on the USD/CAD as long as the 1.0186 support holds – there is scope for a break above resistance at 1.0296, opening 1.0366.” suggests Research Analyst Gareth Berry at UBS.