23 Dec 2014
USD/CAD bucking the trend of the greenback
FXStreet (Guatemala) - USD/CAD is trading at 1.1617, down -0.16% on the day, having posted a daily high at 1.1668 and low at 1.1608.
USD/CAD has been offered and penetrated the support at 1.1615/20 but found buyers at 1.1610 to move the price up to 1.1625/30 where we currently oscillate. The move came at the same time as oil moved higher on $56 again post the greenbacks rally that had the pair better bid for the start of the US session.
The GDP numbers were in for Canada, month on month, for October at 0.3% vs 0.1% expected but down on 0.4% previous. Annualised GDP (Q3) for the US was in significantly higher than expectations with 5% vs 4.3% and 4.6% previous and took the dollar higher and into new territory in the 90's on the DYX.
Indeed, the markets are thin and subject to swings over the holiday period. However, analysts at TD Securities suggest, at the very least, the market seems to be shaping up for a big move in January. “A clear move to new highs would target a fairly quick move to 1.1950/1.20”. The analysts sight this area of support as an opportunity to get long as well. “We see firm support on dips to the 1.1600/10 area near-term and continue to think minor dips from here remain a buy. We remain bullish on the outlook”.
USD/CAD has been offered and penetrated the support at 1.1615/20 but found buyers at 1.1610 to move the price up to 1.1625/30 where we currently oscillate. The move came at the same time as oil moved higher on $56 again post the greenbacks rally that had the pair better bid for the start of the US session.
The GDP numbers were in for Canada, month on month, for October at 0.3% vs 0.1% expected but down on 0.4% previous. Annualised GDP (Q3) for the US was in significantly higher than expectations with 5% vs 4.3% and 4.6% previous and took the dollar higher and into new territory in the 90's on the DYX.
Indeed, the markets are thin and subject to swings over the holiday period. However, analysts at TD Securities suggest, at the very least, the market seems to be shaping up for a big move in January. “A clear move to new highs would target a fairly quick move to 1.1950/1.20”. The analysts sight this area of support as an opportunity to get long as well. “We see firm support on dips to the 1.1600/10 area near-term and continue to think minor dips from here remain a buy. We remain bullish on the outlook”.