USD/CAD rallies above 1.3600 on weak Canada GDP, mixed US data USDCAD Majors Macroeconomics Technical Analysis
shifted sour as US equities opened in the red. At the time of writing, the USD/CAD exchanges hands at around 1.3610.Gross Domestic Product
Even though the reading is negative, it takes the pressure off the Bank of Canada . The BoC announced at its last monetary policy meeting that it would pause rate hikes. Consequently, further USD/CAD strength is warranted, as the US Federal Reserve is expected to continue its tightening cycle with speculation around the financial markets that the Fed could go as high as 6%, according to Bank of America Global Research.
On the US front, monthly house prices dropped in December by 0.1% MoM, in data published by the US Federal Housing Finance Agency showed on Tuesday. At the same time, the S&P/Case-Shiller Home Price Index arrived at 4.6% YoY in December, down from 6.8% in November and lower than analysts’ estimate of 6.1%.USD/CAD Technical analysis
The USD/CAD next resistance would be the daily high at 1.3609. A breach of the latter will expose the YTD high at 1.3685, ahead of 1.3700, followed by the November 3 swing high at 1.3808.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CAD: Strong Oil price probes bulls around 1.3600, Canada Q4 GDP eyedUSD/CAD buyers flirt with the 1.3600 threshold during Monday’s sluggish Asian session, following a two-week uptrend to the highest levels since early
Read more »
USD/CAD marches towards 1.3600 despite a recovery in oil price, Canada GDP eyedThe USD/CAD pair is approaching the round-level resistance of 1.3600 in the early Asian session. The Loonie asset is in a sideways auction after a res
Read more »
USD/CAD ignores Oil price recovery as bulls approach 1.3600 ahead of Canada GDPUSD/CAD prints a gradual rebound from intraday low amid a sluggish end to February, picking up bids to 1.3585 heading into Tuesday’s European session.
Read more »
When is the Canadian GDP report and how could it affect USD/CAD?Tuesday's economic docket highlights the release of monthly Canadian GDP growth figures for December, due to be published at 13:30 GMT. Statistics Can
Read more »
USD/CAD sticks modest gains above 1.3600 mark, seems poised to appreciate furtherThe USD/CAD pair attracts some buying following an intraday dip to sub-1.3600 levels on Monday and hits a fresh daily high during the early European s
Read more »
Trading Support and Resistance \u2013 USD/CAD, EUR/JPYThis week I will begin with my monthly and weekly Forex forecast of the currency pairs worth watching.
Read more »