29 Nov 2013
USD/CAD eyes 1.0560 on better GDP data
FXstreet.com (Edinburgh) - The Canadian dollar is now rapidly appreciating against its neighbour on Friday, dragging the USD/CAD to fresh lows near 1.0560.
USD/CAD lower after data
The pair is challenging 2-day lows around 1.0565/60 after stronger than expected Candian GDP figures. In fact, the Canadian economic activity expanded 2.7% on a yearly basis and 0.3% inter-month during September, both prints exceeding forecasts at 0.2% and 2.5%, respectively.“A failure for USDCAD to trade above its ytd high of 1.0609 would warn of a short period of retracement before USDCAD can climb higher”, assessed Camilla Sutton, Chief Strategist at Scotiabank.
USD/CAD key levels
At the moment the pair is losing 0.27% at 1.0559 with the immediate support at 1.0531 (low Nov.27) ahead of 1.0524 (MA10d) and finally 1.0520 (low Nov.25). On the upside, a breakout of 1.0600 (high Nov.29) would open the door to 1.0603 (high Nov.27) and then 1.0609 (2013 high Jul.5).
USD/CAD lower after data
The pair is challenging 2-day lows around 1.0565/60 after stronger than expected Candian GDP figures. In fact, the Canadian economic activity expanded 2.7% on a yearly basis and 0.3% inter-month during September, both prints exceeding forecasts at 0.2% and 2.5%, respectively.“A failure for USDCAD to trade above its ytd high of 1.0609 would warn of a short period of retracement before USDCAD can climb higher”, assessed Camilla Sutton, Chief Strategist at Scotiabank.
USD/CAD key levels
At the moment the pair is losing 0.27% at 1.0559 with the immediate support at 1.0531 (low Nov.27) ahead of 1.0524 (MA10d) and finally 1.0520 (low Nov.25). On the upside, a breakout of 1.0600 (high Nov.29) would open the door to 1.0603 (high Nov.27) and then 1.0609 (2013 high Jul.5).