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USD/CAD upside attempts capped around 1.0360

FXstreet.com (Barcelona) - The Canadian dollar has resumed its downside against the buck on Friday, pushing the cross to the positive ground for the first time after two consecutive daily pullbacks.

Selling orders in the CAD are swelling today as the USD continues to inch higher, although failing to follow through 1.0360 so far. Ahead in the day, the GDP figures in Canada are due, with market consensus expecting a monthly expansion of 0.1% in March and 2.3% over the last twelve month in Q1. In the opinion of the Strategist Stephen Gallo at BMO, “Plenty of USD have been bought this week, plus topside structures on the thinking that the new BOC Governor will adopt a looser stance, but in the short term the move higher has stalled near 1.0400/1.0425 and that is very important resistance”.

USD/CAD is now advancing 0.38% at 1.0336 with the next hurdle at 1.0421 (high May.29) followed by 1.0446 (2012 June high) and then 1.0472 (high Nov.28 2011). On the downside, a breach of 1.0296 (hourly low May 31) would bring 1.0251 (low May 22) and then 1.0237 (low May 21).

European equities trading in the red

The European markets were seen trading negatively Friday, erasing the recent gains and optimism of yesterday’s tepid recovery. Earlier today in the EMU, Consumer Price Index (YoY) grew +1.4% in May, matching expectations of +1.4%. In addition, the Consumer Price Index – Core (YoY) climbed +1.2% in May, relative to projections calling for +1.1%.
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The US dollar strengthened on Friday and trimmed previous days' losses versus most competitors while stocks traded broadly lower given the risk-off mood surrounding financial markets into the month-end.
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