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USD/CAD through 1.3100 on CPI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The greenback is appreciating further vs. its Canadian counterpart at the end of the week, taking USD/CAD back above the 1.3100 handle.

    USD/CAD stronger on CAD CPI

    The pair has seen its upside renewed after domestic consumer prices came in on the softer side during September, with headline CPI contracting 0.2% MoM and rising 1.0% over the last twelve months, vs. initial forecasts at -0.1% and 1.1%, respectively. Core CPI, gauged by the Bank of Canada rose 0.2% inter-month and 2.1% YoY.

    Spot is now printing fresh daily highs in the 1.3130 area, advancing nearly a big-figure since today’s lows around 1.3040 and ahead of the US manufacturing PMI tracked by Markit.

    USD/CAD levels to consider

    As of writing, the pair is advancing 0.27% at 1.3125 and a breakout of 1.3143 (50% Fibo of 1.3459-1.2827) would aim for 1.3162 (55-day sma) and then 1.3217 (38.2% Fibo of 1.3459-1.2827). On the other hand, the next support lines up at 1.3000 (psychological level) followed by 1.2960 (100-day sma) and then 1.2877 (6-month uptrend).
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