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USD/CAD spiked to 1.0980 on data

FXStreet (Edinburgh) - The Canadian dollar has abruptly depreciated just beyond 1.0980 vs. the greenback on Friday, although the USD/CAD quickly returned to the mid-10900s.

USD/CAD neutral post-CPI

The quick climb to fresh tops around 1.0980 proved to be ephemeral, as spot is now hovering over the 1.0950/45 region. Consumer prices in the Canadian economy expanded 2.1% on a yearly basis and contracted 0.2% inter-month, both prints missing previous estimates at 2.3% and -0.1%, respectively. Core prices, gauged by the BoC also disappointed traders, coming in at 1.7% YoY and -0.1% MoM. The positive news followed a better-than-expected Retail Sales figures, advancing 1.1% in June. Camilla Sutton, Chief FX Strategist at Scotiabank commented that “short term technicals are mixed with some studies warning of upside risk and others warning of downside risk, leading to a range bound environment”.

USD/CAD levels to watch

At the moment the pair is up 0.10% at 1.0952 and a breakout of 1.0987 (high Aug.21) would open the door to1.1007 (high May 2) and then 1.1053 (high Apr.23). On the flip side, the next support aligns at 1.0933 (low aug.20) ahead of 1.0899 (high Aug.18) and finally 1.0870 (200-d MA).

USD/JPY loses the 103.80 level after Canadian data

The US Dollar was extending its recovery from 103.50 versus the Japanese Yen to trade as high as 103.80; however the pair wasn't able to hold prices and following the Canadian inflation and retail sales report, it is now falling to 103.70.
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