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21 Feb 2014
USD/CAD flirting with 1.1150
FXStreet (Edinburgh) - The USD/CAD is extending its weekly ascent, currently testing the 1.1150 area ahead of key inflation data in Canada due later.
USD/CAD closer to 1.1200
The pair seems to have found strong support in the 1.0900 area in mid-February, resuming its upside since then to current levels around 1.1150/55. Today’s Canadian docket looks interesting as January’s consumer prices (1.3% YoY exp.) and December’s retail sales (-0.4% MoM exp.) are due. “We think technical signals are pointing to a rapid resumption of the broader USDCAD bull trend. Fundamentally, the Canadian data run is likely to come in soft ahead of the BoC policy meeting in early March, weighing on the CAD”, suggested Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD significant levels
The pair is now up 0.45% at 1.1149 with the next resistance at 1.1200 (psychological level) ahead of 1.1224 (2014 high Jan.31). On the downside, a breach of 1.0911 (low Feb.19) would expose 1.0905 (low Jan.16) and finally 1.0860 (low Jan.14).
USD/CAD closer to 1.1200
The pair seems to have found strong support in the 1.0900 area in mid-February, resuming its upside since then to current levels around 1.1150/55. Today’s Canadian docket looks interesting as January’s consumer prices (1.3% YoY exp.) and December’s retail sales (-0.4% MoM exp.) are due. “We think technical signals are pointing to a rapid resumption of the broader USDCAD bull trend. Fundamentally, the Canadian data run is likely to come in soft ahead of the BoC policy meeting in early March, weighing on the CAD”, suggested Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD significant levels
The pair is now up 0.45% at 1.1149 with the next resistance at 1.1200 (psychological level) ahead of 1.1224 (2014 high Jan.31). On the downside, a breach of 1.0911 (low Feb.19) would expose 1.0905 (low Jan.16) and finally 1.0860 (low Jan.14).