FXstreet.com (Barcelona) - After capping recovery from 1.0455 at 1.0495, the USD/CAD has slid back to trade around 1.0470 level. Currently the pair is trading around 1.0460/70, 0.25% below today's opening price action at 1.0490.
USD/CAD has been trading in range between 1.0450 and 1.0500, continuing with its consolidation after the bearish movement with take the pair from 1.0745, December 17 high, to 1.0445 December 24 low.
T J Marta, analyst at Marta on the Markets, comments: Still within range. USD/CAD (1.0653) is down overnight and remains within the recent 1.04-1.0750 range. Support lies at 1.05 (psychological), 1.0406 (Dec1 low) and then 1.0363 (76.4% retrace of Oct-Nov rally). Resistance lies at 1.0749 (Nov27 high), 1.0870 (Nov2 high), 1.0959 (Oct high), 1.0993 (Sep high), and then 1.10 (psychological). In terms of other assets correlating with USD/CAD, watch the CRB, crude oil (both negative), USD index (positive) and SPX (negative). The 10yr interest rate differential is rising in significance.