21 Mar 2014
USD/CAD dips below 1.1200 on data
FXStreet (Edinburgh) - The USD/CAD is now plummeting to fresh lows in the area of 1.1175/70 after stronger than expected Canadian data releases.
USD/CAD dragged lower by Canadian docket
Spot is now accelerating the intraday decline after consumer prices in Canada surpassed estimates in February, advancing at an annual pace of 0.8%. Core prices rose 1.2% over the last twelve months. Further upbeat data also showed improved figures from retail sales, with headline sales advancing 1.3% MoM and 1.0% MoM excluding the automobile sector. Next on tap will be the speeches by Fed’s Kocherlakota and Stein.
USD/CAD key levels
As of writing the pair is losing 0.045% at 1.1193 and a breakdown of 1.1122 (low Mar.19) would target 1.1045 (daily cloud top) and finally 1.1025 (low Mar.18). On the upside, the initial hurdle aligns at 1.1300 (psychological level) ahead of 1.1669 (61.8% of 1.3066-0.9407) and then 1.1680 (high Jul.10 2009).
USD/CAD dragged lower by Canadian docket
Spot is now accelerating the intraday decline after consumer prices in Canada surpassed estimates in February, advancing at an annual pace of 0.8%. Core prices rose 1.2% over the last twelve months. Further upbeat data also showed improved figures from retail sales, with headline sales advancing 1.3% MoM and 1.0% MoM excluding the automobile sector. Next on tap will be the speeches by Fed’s Kocherlakota and Stein.
USD/CAD key levels
As of writing the pair is losing 0.045% at 1.1193 and a breakdown of 1.1122 (low Mar.19) would target 1.1045 (daily cloud top) and finally 1.1025 (low Mar.18). On the upside, the initial hurdle aligns at 1.1300 (psychological level) ahead of 1.1669 (61.8% of 1.3066-0.9407) and then 1.1680 (high Jul.10 2009).