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USD/CAD hovers just below 1.4400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - USD/CAD continues to waver at 13-year highs, just below the 1.44 mark, with the latest string of US and Canadian data having virtually no impact on the pair.

    US initial jobless claims rose by 7,000 to 284K last week, above the 275K expected. Import price index fell 1.2% in December, a slightly modest decline than the 1.4% expected. Meanwhile in Canada, new housing price index rose 0.2% MoM in November and 1.6% YoY, in line with expectations.

    USD/CAD however, barely moved, and it continues to consolidate in a tight range after failing to break above the 1.4400 level. Having scored a 13-year peak of 1.4396, USD/CAD is currently trading at 1.4360, up 0.15% on the day, but gaining 1.39% so far this week.

    The loonie continues to suffer on the back of lower commodity prices, with crude hitting a 12-year low sub-$30.00 a barrel earlier this week. Meanwhile, expectations the BoC might cut rates next week continue to increase.
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