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31 Mar 2015
USD/CAD deflates to 1.2730 on data
FXStreet (Edinburgh) - The Canadian dollar is now reclaiming some of the ground lost to its American counterpart, dragging USD/CAD to the 1.2730/20 band.
USD/CAD surrenders gains on CAD GDP
The pair left the area of session highs near 1.2780 and is now returning to the 1.2720 region after the Canadian GDP contracted less than expectations during January. In fact, the economy contracted 0.1% vs. forecasts for a contraction of 0.2%.
Ahead in the session, US Consumer Confidence will be the main highlight amidst several speeches by Fed members.
USD/CAD levels to consider
As of writing the pair is advancing 0.46% at 1.2735 with the next resistance at 1.2800 (high Jan.30) ahead of 1.2835 (2015 high Mar.18) and then 1.2845 (high Mar.13 2009). On the flip side, a breakdown of 1.2672 (low Mar.31) would open the door to 1.2612 (Kijun Sen) and finally 1.2600 (psychological level).
USD/CAD surrenders gains on CAD GDP
The pair left the area of session highs near 1.2780 and is now returning to the 1.2720 region after the Canadian GDP contracted less than expectations during January. In fact, the economy contracted 0.1% vs. forecasts for a contraction of 0.2%.
Ahead in the session, US Consumer Confidence will be the main highlight amidst several speeches by Fed members.
USD/CAD levels to consider
As of writing the pair is advancing 0.46% at 1.2735 with the next resistance at 1.2800 (high Jan.30) ahead of 1.2835 (2015 high Mar.18) and then 1.2845 (high Mar.13 2009). On the flip side, a breakdown of 1.2672 (low Mar.31) would open the door to 1.2612 (Kijun Sen) and finally 1.2600 (psychological level).