Forex: USD/CAD trading negatively at 1.0176/78

The USD/CAD fell during overnight trading, down to a session low of 1.0157 Friday, before ultimately bottoming out and stabilizing. European trading however has seen a jump in the exchange, as an 18-pip jump in recent minutes has been tentatively kept the pair in the region of 1.0176/78 – where the cross trades presently.

Currently, the cross is operating in negative territory, down -0.08% Friday. The ICN.com technical analyst team points to the supports at 1.0160 onto 1.0120, and finally the 1.0100 level. Conversely, a staged recovery movement above the 1.0205 handle will rekindle resistances at the 1.0240 onto 1.0290.

According to the ICN.com Technical Analyst Team, “Positivity is expected to extend as the linear regression indicators are still trading positively and the USD/CAD is stable above 1.0055 levels might form a harmonic formation. As such, great volatility is expected and perhaps some bearish correction is due to overbought signals on momentum indicators.”

Friday afternoon during American trading looks to be dominated by data releases out of Canada, which include both a generous dose of CPI data and Retail Sales, beginning at 13:30 GMT. In relation to the CAD, the price of crude has settled in the area of USD $93.25, marking a dismal week for commodities.