OctaFX | OctaFX Forex Broker
Open trading account
Back

USD/CAD clinches to 1.1130 post data

FXStreet (Edinburgh) - The US dollar is now picking up pace against the CAD, lifting the USD/CAD back beyond the 1.1130 level.

USD/CAD lifted on US GDP

The pair is now accelerating the bounce off sub-1.1100 levels and remains poised to challenge earlier session peaks in the 1.1130/40 band following the positive reading from the US GDP, expanding 4.6% on a yearly basis, broadly in line with previous estimates. Further data also showed that inflation gauged by the PCE rose at an annual rate of 2.3%. According to Shaun Osborne, Chief FX Strategist at TD Securities, “failure to close above the 1.1125 level (76.4% retracement from the March-July move lower) for a third session in a row today after repeated attempts to break clear of that resistance level over the last three days, does call into question the willingness of the market to drive the price much higher in the short term”.

USD/CAD key levels

At the moment the pair is up 0.16% at 1.1128 with the next hurdle at 1.1170 (high Mar.26) ahead of the psychological level at 1.1200. On the downside, a break below 1.1053 (low Sep.24) would open the door to 1.1008 (Tenkan Sen) and then 1.0986 (low Sep.23).

GBP/USD extends declines below 1.6300 post US GDP

The Sterling is trading under pressure versus the US Dollar as the pair is extending its rejection from 200-hour MA at 1.6330 and now it is pricing below 1.6300 just after the upward revision in the US GDP.
Read more Previous

Mexico Trade Balance s/a, $ declined to $-0.596B in August from previous $0.4B

Read more Next
Start livechat