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21 Feb 2014
USD/CAD slips back to 1.1130
FXStreet (Edinburgh) - The USD/CAD is now giving away initial gains, retreating to the 1.1135/30 area after mixed data in Canada.
USD/CAD hit by CPI figures
Higher than expected CPI figures during January eclipsed the miserable result from December’s retail sales, contracting 1.8% inter-month and 1.4% excluding the automobile sector. Headline consumer prices in the Canadian economy advanced at an annual pace of 1.5%, while Core prices followed suit, up 1.4%. Both prints exceeded forecasts at 1.3%. “With the bounce in USDCAD over the past couple of days, markets are now back to being long-USD at all horizons”, suggested Greg Anderson, Strategist at BMO.
USD/CAD significant levels
The pair is now up 0.47% at 1.1152 with the next resistance at 1.1200 (psychological level) ahead of 1.1224 (2014 high Jan.31). On the downside, a breach of 1.0911 (low Feb.19) would expose 1.0905 (low Jan.16) and finally 1.0860 (low Jan.14).
USD/CAD hit by CPI figures
Higher than expected CPI figures during January eclipsed the miserable result from December’s retail sales, contracting 1.8% inter-month and 1.4% excluding the automobile sector. Headline consumer prices in the Canadian economy advanced at an annual pace of 1.5%, while Core prices followed suit, up 1.4%. Both prints exceeded forecasts at 1.3%. “With the bounce in USDCAD over the past couple of days, markets are now back to being long-USD at all horizons”, suggested Greg Anderson, Strategist at BMO.
USD/CAD significant levels
The pair is now up 0.47% at 1.1152 with the next resistance at 1.1200 (psychological level) ahead of 1.1224 (2014 high Jan.31). On the downside, a breach of 1.0911 (low Feb.19) would expose 1.0905 (low Jan.16) and finally 1.0860 (low Jan.14).