Techniques for processing a navigation signal are disclosed. In one particular embodiment, the techniques may be realized as a method processing a navigation signal, the method comprising the steps of: receiving, using a receiver, the navigation signal, the navigation signal comprising a carrier signal, a data signal and at least one ranging code modulated by at least one stepped subcarrier modulation signal, the at least one stepped subcarrier modulation signal comprising a number, m, of amplitude levels, where m>2, and wherein the amplitude levels have respective magnitudes and durations arranged to influence the power spectrum of the navigation signal is constrained in a predetermined manner, processing the navigation signal to recover the modulated at least one ranging code; and processing the recovered at least one modulated ranging code to recover at least one demodulated ranging code.