23 Oct 2013
USD/CAD up +95 pips above 1.0380
FXstreet.com (Chicago) - USD/CAD prints higher lows and highs on steady yet gradual climb around weekly peaks after rally on earlier hours. Printing 0.96% daily gains so far, the pair is in green for the month with today’s gains.
BoC decision
Earlier data in Canada evidenced a BoC that maintained interest rates at 1%, matching expectations. Highlights from the report: “Inflation in Canada has remained low in recent months, reflecting the significant slack in the economy, heightened competition in the retail sector, and other sector-specific factors. With larger and more persistent excess supply in the economy, both total CPI and core inflation are expected to return more gradually to 2 per cent, around the end of 2015.”
USD/CAD Technical Levels
Technically speaking, the pair extends the corrective move after rally to 1.0398 session highs on steep climb. Offered at 1.0381, the pair navigates between the supports aligned at 1.0369 (October 9th lows), 1.0341 (October 10th lows) followed by 1.03 (October 21st highs) and the resistances set at 1.04 (session highs), 1.0443 (August 7th highs) followed by 1.0473 (September 5th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.
BoC decision
Earlier data in Canada evidenced a BoC that maintained interest rates at 1%, matching expectations. Highlights from the report: “Inflation in Canada has remained low in recent months, reflecting the significant slack in the economy, heightened competition in the retail sector, and other sector-specific factors. With larger and more persistent excess supply in the economy, both total CPI and core inflation are expected to return more gradually to 2 per cent, around the end of 2015.”
USD/CAD Technical Levels
Technically speaking, the pair extends the corrective move after rally to 1.0398 session highs on steep climb. Offered at 1.0381, the pair navigates between the supports aligned at 1.0369 (October 9th lows), 1.0341 (October 10th lows) followed by 1.03 (October 21st highs) and the resistances set at 1.04 (session highs), 1.0443 (August 7th highs) followed by 1.0473 (September 5th lows). According to the FXstreet.com trend index, the pair is slightly bullish on one-hour timeframe analysis above the EMA20.