FXstreet.com (Barcelona) - After testing MA200 hourly chart level at 1.0420 in the early Asian session, USD/CAD has fallen around 90 pips to test the MA55 hourly at 1.0330 ahead the Canadian investment flow data. Currently the pair is trading around 1.0335/45, 0.55% below today's opening price action at 1.0395.
Foreign investment in Canadian securities in August are expected to rise to $2.97B from 350 millions in July.
Tomas Cedavicius, analyst at Investija.com, comments: USDCAD Short term trend is positive, but resistance acts as a strong barrier for bulls. Resistance level stands as a trend reversal point.
Rajoo C, analyst at Precise Trader, expects a bullish movement: The Price is trading Below Monthly, but Flat at the Weekly open and closed exactly at the Res Zone 1.The Price on the Hourly is in a Range trading and expect the price to be choppy until the breakout happens , the price should not trade below 10310-10290 levels to maintain the bullish outlook. On the 5 min is choppy but along the gradual Up Channel and the price patterns still suggesting the upside potential. The Bulls pay attention to 10310-10255 levels while the Bears pay attention to 10425-10500.FED Chairman Speaks Today. Conservative Traders: LONG near 10310-10290 with a 50 pips price target or strictly trade only at Precise Traders Report levels. Aggressive Traders : LONG near 10310-10255 levels with a tight Stop 10425-10500 as potential price targets.