23 Dec 2014
USD/CAD reaches 6-day high after US, Canadian GDP
FXStreet (Córdoba) - USD/CAD jumped to a fresh weekly high at the beginning of the New York session as the greenback strengthened on the back of better-than-expected US GDP, offsetting the positive effect of Canadian GDP beat.
US gross domestic product rose at its strongest pace in 11 years by 5.0% in Q3, up from a prior reading of 3.9% and an initial estimate of 3.5%. Meanwhile, in Canada GDP rose 0.3% in October, also beating estimates of 0.1%.
USD/CAD climbed to a high of 1.1666 before pulling back slightly. At time of writing, the pair is trading at 1.1660, 0.30% above its opening price. The 2014 high of 1.1672 scored on Dec 15 should now offer immediate resistance, while the 10-day SMA at 1.1595 should act as next support.
US gross domestic product rose at its strongest pace in 11 years by 5.0% in Q3, up from a prior reading of 3.9% and an initial estimate of 3.5%. Meanwhile, in Canada GDP rose 0.3% in October, also beating estimates of 0.1%.
USD/CAD climbed to a high of 1.1666 before pulling back slightly. At time of writing, the pair is trading at 1.1660, 0.30% above its opening price. The 2014 high of 1.1672 scored on Dec 15 should now offer immediate resistance, while the 10-day SMA at 1.1595 should act as next support.