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29 Mar 2013
Forex: USD/CAD continues to trade sideways at 1.0164/67
FXstreet.com (Barcelona) - The USD/CAD has continued its sideways trading path, operating in a tight 22-pip consolidation Friday (1.0153 - 1.0175). Following the release of economic data in the United States, the cross has wavered little and remained slightly negative to settle at 1.0164/67, incurring marginal losses in these moments.
In the United States, Core Personal Consumption Expenditure – Prices Index (YoY and MoM) came in at +1.3% in February (vs. +1.3% previously) and +0.1% in February (missing expectations of +0.2%). In addition, Personal Income (MoM) grew +1.1% in February, against a projection of only +0.8% growth. Finally, Personal Spending has climbed +0.3% in the month of February (missing a consensus of +0.6%).
According to the ICN.com analyst team, “The USD/CAD is still trading slightly to the downside affected by the bearish harmonic Bat Pattern, however the pair is very close to the first target of the pattern at 1.0140 which has to be broken for negativity to extend. As long as the pair is stable below 1.0215 then the possibility of extending the bearish move remains valid.”
Mataf.net analysts point to supports at 1.0140, ahead of the 1.0100 barrier, and finally 1.0075. On the ascension, a break above the 1.0185 level will initiate resistance at 1.0203.
In the United States, Core Personal Consumption Expenditure – Prices Index (YoY and MoM) came in at +1.3% in February (vs. +1.3% previously) and +0.1% in February (missing expectations of +0.2%). In addition, Personal Income (MoM) grew +1.1% in February, against a projection of only +0.8% growth. Finally, Personal Spending has climbed +0.3% in the month of February (missing a consensus of +0.6%).
According to the ICN.com analyst team, “The USD/CAD is still trading slightly to the downside affected by the bearish harmonic Bat Pattern, however the pair is very close to the first target of the pattern at 1.0140 which has to be broken for negativity to extend. As long as the pair is stable below 1.0215 then the possibility of extending the bearish move remains valid.”
Mataf.net analysts point to supports at 1.0140, ahead of the 1.0100 barrier, and finally 1.0075. On the ascension, a break above the 1.0185 level will initiate resistance at 1.0203.