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Forex: USD/CAD trading near session highs at 0.9991/92

The USD/CAD has traded in an extremely narrow 22-pip range Tuesday (0.9974 - 0.9996) as the pair inches up towards parity in recent moments. Following a move towards fresh session highs, the cross is now operating at the 0.9991/92 level during European trading.

According to the ICN.com Analyst Team, “The USD/CAD is trying to form a positive technical formation above the 0.9965 level despite overbought signals on the stochastic. Prolonged stability above the 0.9965 mark might extend the upside move however.”

In terms of the CAD, the price of crude continues to be one of the few factors in pricing, following the hiatus on economic data to start the week. At the time of writing the price of crude has settled above USD $96.15.

After recording tepid gains of +0.02% Tuesday, the ICN.com analysts point to resistances at 1.0005, onto 1.0040, and 1.0095. Conversely, a prolonged plunge below the 0.9965 handle will trigger supportive means at 0.9940 and finally 0.9920.

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