Back
23 Jan 2015
USD/CAD heading to lows around 1.2370
FXStreet (Edinburgh) - The greenback is losing the grip today vs. the CAD, now dragging USD/CAD to the area of session lows around 1.2375/70.
USD/CAD focus on CPI
Despite the current correction lower from multi-year tops above 1.2400 the figure, spot remains well underpinned by the USD momentum and the recent more dovish stance by the BoC. Ahead in the day, critical inflation figures are due in Canada, with headline CPI expected to have climbed 1.5% on a year to December vs. 2.0% previous. Core prices tracked by the BoC would have ticked lower to 2.2% on a yearly basis. In the US docket, manufacturing PMI by Markit and Existing Home Sales are also due.
USD/CAD relevant levels
As of writing the pair is down 0.27% at 1.2369 with the next support at 1.2315 (low Jan.22) ahead of 1.2200 (psychological level) and then 1.2112 (Tenkan Sen). On the upside, a breakout of 1.2420 (2015 high Jan.21) would open the door to 1.2507 (high Apr.21 2009) and finally 1.2682 (161.8% of 0.9407-1.0658).
USD/CAD focus on CPI
Despite the current correction lower from multi-year tops above 1.2400 the figure, spot remains well underpinned by the USD momentum and the recent more dovish stance by the BoC. Ahead in the day, critical inflation figures are due in Canada, with headline CPI expected to have climbed 1.5% on a year to December vs. 2.0% previous. Core prices tracked by the BoC would have ticked lower to 2.2% on a yearly basis. In the US docket, manufacturing PMI by Markit and Existing Home Sales are also due.
USD/CAD relevant levels
As of writing the pair is down 0.27% at 1.2369 with the next support at 1.2315 (low Jan.22) ahead of 1.2200 (psychological level) and then 1.2112 (Tenkan Sen). On the upside, a breakout of 1.2420 (2015 high Jan.21) would open the door to 1.2507 (high Apr.21 2009) and finally 1.2682 (161.8% of 0.9407-1.0658).