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15 Jan 2015
USD/CAD off highs, tests 1.1950
FXStreet (Edinburgh) - USD/CAD has almost fully retraced the initial climb to the boundaries of 1.1980, deflating soon afterwards to the mid-1.1900s and closer to session lows around 1.1940.
USD/CAD focus on US docket
Absent data releases or events in the Canadian economy during the present week, the US docket will be the main catalyst for the pair’s price action. Despite occasional pullbacks, the underlying bullish trend in spot remains unchanged, bolstered by the solid performance of the US economy reflected in the bid tone around the dollar. Next on tap then will be the weekly report on the US labour market, Producer Prices and regional manufacturing gauges from the Empire State index and the Philly Survey.
USD/CAD relevant levels
As of writing the pair is up 0.10% at 1.1957 with the next resistance at 1.2001 (hourly high Jan.14) ahead of 1.2017 (2015 high Jan.14) and then 1.2070 (low Apr.24 2009). On the downside, a breach of 1.1928 (low Jan.14) would open the door to 1.1926 (low Jan.13) and finally 1.1874 (10-d MA).
USD/CAD focus on US docket
Absent data releases or events in the Canadian economy during the present week, the US docket will be the main catalyst for the pair’s price action. Despite occasional pullbacks, the underlying bullish trend in spot remains unchanged, bolstered by the solid performance of the US economy reflected in the bid tone around the dollar. Next on tap then will be the weekly report on the US labour market, Producer Prices and regional manufacturing gauges from the Empire State index and the Philly Survey.
USD/CAD relevant levels
As of writing the pair is up 0.10% at 1.1957 with the next resistance at 1.2001 (hourly high Jan.14) ahead of 1.2017 (2015 high Jan.14) and then 1.2070 (low Apr.24 2009). On the downside, a breach of 1.1928 (low Jan.14) would open the door to 1.1926 (low Jan.13) and finally 1.1874 (10-d MA).