USD/CAD sideways trading at 1.0270/76

FXstreet.com (Barcelona) - The USD/CAD has continued trading in an extremely narrow 26-pip region (1.0257 – 1.0283) Wednesday, settling recently near opening levels at 1.0270/76 during European trading.

Mataf.net analysts point to the next level of resistive correction for the USD/CAD at 1.0312, then 1.0356, and finally 1.0391. On the decline, supportive structures abound at 1.0233, ahead of 1.0198, and finally 1.0154.

According to the ICN.com technical analyst team, “Before touching the 1.0215 level, the USD/CAD rebounded yesterday to the upside in an attempt to stable above 1.0270 that might trigger another attempt to the upside. Linear regression indicators are positive; despite overbought signals on the stochastic – trading above 1.0270 will force us to ignore these signals.”