OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: USD/CAD retraces back to 1.0200 after PPI in US

FXstreet.com (Barcelona) - The USD/CAD has been climbing higher Wednesday, having broken above the 1.0200 level earlier. Indeed, after peaking at the 1.0221 mark (intraday maximum), the cross has now moved to the 1.0200 region after the publication of economic data in the United States.

Mataf.net analysts point to resistive means for the USD/CAD at 1.0021, onto 1.0256, and 1.0321. Conversely, a break below the 1.0121 handle will initiate support at 1.0056 and 1.0021.

In the United States, the Producer Price Index (YoY) has grown +0.6% in April, against expectations of +0.8%. In addition, the Producer Price Index ex Food & Energy (YoY) has yielded a growth of +1.7% in April, matching a projection of +1.7%. Meanwhile in Canada, Manufacturing Shipments (MoM) came in at -0.3% in March, vs. estimates of +0.6%.

“The USD/CAD rose sharply yesterday confirming the ascending channel indicating the possibility of extending the upside move today and during the upcoming period. Moreover, Linear Regression Indicators tend to be positive now supporting the bullish move.” notes the ICN.com analyst team.

Session Recap: More gains for the USD

The US dollar has continued to advance versus major competitors, hitting yet another 4 ½-year peak versus the yen and dragging EUR and GBP to fresh multi-month lows.
Read more Previous

US: PPI contracted 0.7% MoM in April

The Labour Department reported that Producer Prices fell 0.7% MoM during April, below expectations at -0.6% and March’s print at -0.6%. Over the last twelve months, prices rose 0.6%, missing...
Read more Next
Start livechat