31 Jan 2014
USD/CAD through 1.1200
FXstreet.com (Edinburgh) - The USD/CAD managed to leave behind the 1.1200 key barrier on Friday, climbing to fresh multi-year highs near 1.1220.
USD/CAD higher post-data
There was no surprises in the Canadian GDP figures, expanding at a monthly pace of 0.2% in November, matching estimates and down from 0.3%. The US PCE rose 1.2% YoY in December, surpassing the previous 1.1% advance and Personal Spending rose 0.4%, bettering estimates. “We remain bullish overall and continue to target the 1.1265/75 area as our near-term technical objective. That would effectively take USDCAD through key medium-term technical resistance at 1.1236 (50% retracement of the 1.31/0.94 move down seen between 2009/2011) and, if sustained, would open up the topside for further medium-term gains towards 1.17 (our mid-year target under our recently revised forecasts)”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD key levels
At the time of writing the pair is advancing 0.45% at 1.1217 with the next resistance at 1.1226 (high Jul16 2009) followed by 1.1237 (50% of 1.3066-0.9407). On the downside, a break below 1.1103 (low Jan.29) would open the door to 1.1078 (low Jan.28) en route to 1.1048 (10-d MA).
USD/CAD higher post-data
There was no surprises in the Canadian GDP figures, expanding at a monthly pace of 0.2% in November, matching estimates and down from 0.3%. The US PCE rose 1.2% YoY in December, surpassing the previous 1.1% advance and Personal Spending rose 0.4%, bettering estimates. “We remain bullish overall and continue to target the 1.1265/75 area as our near-term technical objective. That would effectively take USDCAD through key medium-term technical resistance at 1.1236 (50% retracement of the 1.31/0.94 move down seen between 2009/2011) and, if sustained, would open up the topside for further medium-term gains towards 1.17 (our mid-year target under our recently revised forecasts)”, noted Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD key levels
At the time of writing the pair is advancing 0.45% at 1.1217 with the next resistance at 1.1226 (high Jul16 2009) followed by 1.1237 (50% of 1.3066-0.9407). On the downside, a break below 1.1103 (low Jan.29) would open the door to 1.1078 (low Jan.28) en route to 1.1048 (10-d MA).