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Forex: USD/CAD in fresh highs around 1.0330

The Canadian dollar continues to depreciate against its fellow neighbor on Friday, as the ‘sequester’ looms, boosting the risk aversion and pushing the cross to the area around 1.0330, or 8-month highs.

Interesting day for the CAD as December GDP figures are due. Prior surveys expect the Canadian economic activity to post a monthly contraction of 0.2%, and to expand 0.6% on a yearly basis. The Canadian dollar would be under pressure as well via the US economy, as relevant data are due today – manufacturing ISM/PMI, PCE, Michigan index.

At the moment, the cross is advancing 0.20% at 1.0327 with the next hurdle at 1.0342 (high Jun.29) followed by 1.0363 (high Jun.28) and finally 1.0382 (high Jun.6).
On the other hand, a drop beyond 1.0294 (low Mar.1) would aim for 1.0217 (low Feb.28) and then 1.0206 (low Feb.25).

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