Forex: USD/CAD edges lower to 1.0253/55

FXstreet.com (Barcelona) - The USD/CAD has turned negative Thursday, as a relatively tight consolidation of 30 pips (1.0246 – 1.0279) has been held thus far as of European trading. At the time of writing, the pair has edged lower to 1.0253/55, incurring a loss of -0.11%.

Gareth Berry, a Research Analyst at UBS reiterates a neutral outlook for the USD/CAD with resistance at 1.0294, onto 1.0342. Meanwhile, support is at 1.0203, ahead of 1.0164.

According to the ICN.com technical analyst team, “The USD/CAD is still trading positively, benefiting from stability above 1.0215, and breaching a key resistance level of the ascending channel. Momentum indicators are negative, therefore volatility is likely and perhaps some bearish correction. However, trading above 1.0185 levels is positive now.”