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18 Oct 2013
USD/CAD eyes 1.0300 ahead of data
FXstreet.com (Edinburgh) -After bottoming out around 1.0285, the USD/CAD gathered steam ands is now testing the psychological resistance at 1.3000 on Friday, ahead of Canadian inflation figures.
USD/CAD suffering dollar weakness
The pair is now transiting the boundaries of the positive ground after falling on Wednesday and Thursday on increasing USD weakness. Ahead in the day, consumer prices in Canada are due, with consensus pointing to an annual increase of 1.0% in the headline CPI and 1.4% from the Core reading. “This will put headline inflation for Q3 just fractionally above the Bank of Canada's July forecast, and will fit with the heavily telegraphed downgrade in BoC's 2013H2 forecast”, noted Tim Davis, Global Strategist at TD Securities.
USD/CAD critical levels
The pair is now up 0.06% at 1.0296 with the next resistance at 1.0332 (high Oct.17) ahead of 1.0385 (high Oct.16) and then 1.0392 (high Oct.15). On the flip side, a breakdown of 1.0280 (low Oct.17) would expose 1.0275 (low Sep.30) and finally 1.0273 (61.8% of 1.0182-1.0420).
USD/CAD suffering dollar weakness
The pair is now transiting the boundaries of the positive ground after falling on Wednesday and Thursday on increasing USD weakness. Ahead in the day, consumer prices in Canada are due, with consensus pointing to an annual increase of 1.0% in the headline CPI and 1.4% from the Core reading. “This will put headline inflation for Q3 just fractionally above the Bank of Canada's July forecast, and will fit with the heavily telegraphed downgrade in BoC's 2013H2 forecast”, noted Tim Davis, Global Strategist at TD Securities.
USD/CAD critical levels
The pair is now up 0.06% at 1.0296 with the next resistance at 1.0332 (high Oct.17) ahead of 1.0385 (high Oct.16) and then 1.0392 (high Oct.15). On the flip side, a breakdown of 1.0280 (low Oct.17) would expose 1.0275 (low Sep.30) and finally 1.0273 (61.8% of 1.0182-1.0420).