24 Mar 2015
USD/CAD breaches 1.2500
FXStreet (Edinburgh) - The greenback is extending its selling mood on Tuesday, dragging USD/CAD to sub-1.2500 levels.
USD/CAD focus on US CPI
The pair continues to correct lower in the first half of the week, amidst a persistent offered tone in the US dollar since the FOMC meeting last week. The pair will remain under pressure however, as key inflation figures are due in the US economy later. Market consensus expects consumer prices gauged by the headline CPI to contract 0.1% on a year to February while Core prices are expected to gain 1.6% YoY.
Further US data will show New Homes Sales (470K exp.) and the manufacturing PMI tracked by Markit (54.7 exp.).
USD/CAD relevant levels
At the moment the pair is retreating 0.22% at 1.2496 with the next support at 1.2449 (low Mar.18) ahead of 1.2419 (cloud top) and then 1.2400 (psychological level). On the upside, a breakout of 1.2595 (21-d MA) would open the door to 1.2598 (Kijun Sen) and finally 1.2615 (high Mar.23).
USD/CAD focus on US CPI
The pair continues to correct lower in the first half of the week, amidst a persistent offered tone in the US dollar since the FOMC meeting last week. The pair will remain under pressure however, as key inflation figures are due in the US economy later. Market consensus expects consumer prices gauged by the headline CPI to contract 0.1% on a year to February while Core prices are expected to gain 1.6% YoY.
Further US data will show New Homes Sales (470K exp.) and the manufacturing PMI tracked by Markit (54.7 exp.).
USD/CAD relevant levels
At the moment the pair is retreating 0.22% at 1.2496 with the next support at 1.2449 (low Mar.18) ahead of 1.2419 (cloud top) and then 1.2400 (psychological level). On the upside, a breakout of 1.2595 (21-d MA) would open the door to 1.2598 (Kijun Sen) and finally 1.2615 (high Mar.23).