USD/CAD in highs near 1.2950 on US inflation

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback has recovered the smile after US CPI results today, pushing USD/CAD to fresh daily tops near 1.2940.

    USD/CAD stronger on CPI

    The pair has left the area of 1.2880 to quickly clinch session peaks in the vicinity of 1.2940 after US consumer prices have risen more than initially anticipated during September, with the Core CPI up 1.9% on a yearly basis and 0.2% inter-month, both prints surpassing expectations.

    Still in the US, Initial Claims followed suit, printing 255K in the week ended on October 9th vs. 270K forecasted and bettering the previous week’s 262K.

    USD/CAD levels to consider

    As of writing, the pair is up 0.01% at 1.2937 with the initial barrier at 1.3000 (psychological handle) followed by 1.3095 (Fibo 23.6% of 1.1916-1.3458) and finally 1.3176 (55-day sma). On the downside, a break below 1.2869 (Fibo 38.2% of 1.1916-1.3458) would expose 1.2859 (low Jul.29) and then 1.2800 (psychological level).
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