Forex: USD/CAD establishing fresh lows at 1.0159/62

FXstreet.com (Barcelona) - The USD/CAD has taken a tumble in recent moments, as the pair is now establishing fresh session lows at 1.0159/62. Having pared its earlier gains, the cross is now trading in negative territory, down -0.13% Monday.

“The USD/CAD reached the first target of the bearish Bat Pattern and currently the Linear Regression Indicators are still negative. Moreover, the stochastic offers overbought signals and trading below 1.0215 makes us hold onto our bearish outlook eying extend targets of the harmonic bearish pattern.” notes the ICN.com analyst team.

With regards to the CAD, the price of WTI crude has manage to hold above the 96.00 level, to edge high towards USD $96.61/bbl in these moments.

According to Mataf.net analysts, the USD/CAD will encounter support at 1.0162 onto 1.0148, and finally 1.0139. On the ascension, the pair is slated to face short-term resistance at 1.0185, ahead of 1.0194, and finally 1.0208.