30 Jan 2015
USD/CAD deflates from highs
FXStreet (Edinburgh) - The greenback is now retracing part of the early upside, with USD/CAD now returning to the mid-1.2600s.
USD/CAD keeps close to 1.2700
The pair remains in the upper bound of the recent range near multi-year highs around 1.2700 the figure, ahead of key GDP releases in both Canada and the US. Market consensus points to a flat expansion from the Canadian GDP during November, whereas the US economy would have grown at an annual pace of 3.3% in the last quarter of 2014.
“Trend momentum is bullish across a range of short, medium and longer-term timeframes still; that continues to mean limited scope for counter-trend corrections”, commented strategists at TD Securities.
USD/CAD significant levels
At the moment the pair is advancing 0.45% at 1.2667 with the initial barrier at 1.2678 (2015 high Jan.29) ahead of 1.2700 (psychological level) and then 1.2718 (high Apr.1 2009). On the downside, a breach of 1.2608 (low Jan.30) would aim for 1.2512 (low Jan.29) and finally 1.2390 (low Jan.28).
USD/CAD keeps close to 1.2700
The pair remains in the upper bound of the recent range near multi-year highs around 1.2700 the figure, ahead of key GDP releases in both Canada and the US. Market consensus points to a flat expansion from the Canadian GDP during November, whereas the US economy would have grown at an annual pace of 3.3% in the last quarter of 2014.
“Trend momentum is bullish across a range of short, medium and longer-term timeframes still; that continues to mean limited scope for counter-trend corrections”, commented strategists at TD Securities.
USD/CAD significant levels
At the moment the pair is advancing 0.45% at 1.2667 with the initial barrier at 1.2678 (2015 high Jan.29) ahead of 1.2700 (psychological level) and then 1.2718 (high Apr.1 2009). On the downside, a breach of 1.2608 (low Jan.30) would aim for 1.2512 (low Jan.29) and finally 1.2390 (low Jan.28).