FXstreet.com (Barcelona) - Declining steadily since open, the USD/CAD reached a daily low in 1.0260 in the opening hour of the European session. However with a sudden rush of risk aversion taking over, the greenback was briefly boosted causing the USD/CAD to rise a sudden 40 pips to the 1.0300 barrier.
Failing to overcome that resistance level, the USD/CAD currently quotes slightly consolidated underneath at 1.0292. With sideways trading at time of writing, immediate support is listed on the FXstreet Live Charts at 1.0283 and 1.0257, while resistance is placed at 1.0317 and 1.0343.
Cesar Leiceaga over at Deltastock.com reports: "Long term bias for the USD/CAD remains neutral, a solid base is now formed a around parity level. Intraday: trading the range 1.0220/1.0370, keeps consolidating for a breakout either way. We will just have to wait to pick the direction, meanwhile trading the range with tightening stops is the preferred strategy."
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