29 Oct 2013
USD/CAD edges higher after US, Canada data
FXstreet.com (Córdoba) - The USD/CAD edged slightly higher and erased daily losses after data showed Canadian industrial prices and US retail sales dropped more than expected in September.
Disappointing data in both countries benefited the greenback and gave the USD/CAD a slight boost, sending the pair to the 1.0440 zone from a low of 1.0427. Soft Canadian Industrial Product Price and Raw Material Price data reveal BoC deflation concerns are founded. At time of writing, USD/CAD is trading at the 1.0440 zone, virtually unchanged since opening.
USD/CAD levels to watch
As for technical levels, immediate resistances for USD/CAD are seen at 1.0460 (Oct 25 high) and 1.0500 (psychological level), while supports could be found at 1.0427 (daily low) and 1.0410 (Oct 25 low).
Disappointing data in both countries benefited the greenback and gave the USD/CAD a slight boost, sending the pair to the 1.0440 zone from a low of 1.0427. Soft Canadian Industrial Product Price and Raw Material Price data reveal BoC deflation concerns are founded. At time of writing, USD/CAD is trading at the 1.0440 zone, virtually unchanged since opening.
USD/CAD levels to watch
As for technical levels, immediate resistances for USD/CAD are seen at 1.0460 (Oct 25 high) and 1.0500 (psychological level), while supports could be found at 1.0427 (daily low) and 1.0410 (Oct 25 low).