USD/CAD volatile post-GDP, around 1.3530

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The greenback has quickly faded the spike towards daily peaks near 1.3560 vs. its Canadian peer, forcing USD/CAD to return to the 1.3530/25 band.

    USD/CAD little changed post-GDP

    Spot alternates gains with losses after US GDP figures have come in better than expected, showing the economy has expanded 1.0% during the fourth quarter. On the other hand, US January’s trade deficit ticked higher to $62.23 billion, more than initially estimated.

    Still in the US, next on tap will be the inflation gauge tracked by the PCE, followed by Personal Income/Spending and the Reuters/Michigan index.

    USD/CAD significant levels

    As of writing the pair is down 0.07% at 1.3531 facing the next support at 1.3268 (200-day sma) followed by 1.3034 (low Nov.3 2015) and then 1.2827 (low Oct.15 2015). On the upside, a surpass of 1.3647 (100-day sma) would aim for 1.3804 (20-day sma) and then 1.4103 (high Feb.3).
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