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23 Jan 2015
USD/CAD climbs to fresh highs
FXStreet (Edinburgh) - USD/CAD is now picking up pace at the end of the week, posting fresh multi-year peaks beyond 1.2430.
USD/CAD attention to CPI
While markets remain under the effects of the recent dovish BoC move, spot looks to the upcoming inflation figures in the Canadian docket for further clues regarding price action. Consumer prices are expected to rise 1.5% on a yearly basis vs. the previous 2.0% gain; BoC Core print is expected to tick higher to 2.2%. In addition, Retail Sales would come in on the softer side, down 0.2% inter-month in November. Still in the data space, Existing Home Sales and Markit’s PMI will set the pace on the USD side.
USD/CAD relevant levels
As of writing the pair is up 0.28% at 1.2439 with the next hurdle at 1.2507 (high Apr.21 2009) followed by 1.2600 (psychological level) and then 1.2682 (161.8% of 0.9407-1.0658). On the downside, a breach of 1.2315 (low Jan.22) would aim for 1.2200 (psychological level) and finally 1.2112 (Tenkan Sen).
USD/CAD attention to CPI
While markets remain under the effects of the recent dovish BoC move, spot looks to the upcoming inflation figures in the Canadian docket for further clues regarding price action. Consumer prices are expected to rise 1.5% on a yearly basis vs. the previous 2.0% gain; BoC Core print is expected to tick higher to 2.2%. In addition, Retail Sales would come in on the softer side, down 0.2% inter-month in November. Still in the data space, Existing Home Sales and Markit’s PMI will set the pace on the USD side.
USD/CAD relevant levels
As of writing the pair is up 0.28% at 1.2439 with the next hurdle at 1.2507 (high Apr.21 2009) followed by 1.2600 (psychological level) and then 1.2682 (161.8% of 0.9407-1.0658). On the downside, a breach of 1.2315 (low Jan.22) would aim for 1.2200 (psychological level) and finally 1.2112 (Tenkan Sen).