OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: USD/CAD retreats after Canadian GDP

The Canadian dollar strengthened and dragged USD/CAD back from highs after data showed Canadian GDP grew 0.6% in Q4 2012, in line with market expectations, while the previous reading was upwardly revised to 0.7% from 0.6%.

USD/CAD pulled back from an 8-month high of 1.0341 scored right before the data, and slid toward 1.0300. At time of writing, USD/CAD is trading around 1.0305/10, where it is virtually unchanged since opening.

In terms of technical levels, the pair could face immediate supports at 1.0300 and 1.0260 (100-hour SMA), while resistances are seen at 1.0341 (intraday high) and 1.0360 (Jun 28 high).

Canada: GDP contracted 0.2% MoM in December

The Canadian economic activity contracted 0.2% on a monthly basis during December, and posted an annualized expansion of 0.6% during the fourth quarter...
Read more Previous

Forex: GBP/USD consolidating below 1.5050

The sterling keeps the bearish mood below the 1.5050 level on Friday, dragged lower after softer-than-expected data from the UK manufacturing PMI print...
Read more Next
Start livechat