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21 Feb 2014
USD/CAD wants more, eyes on 1.1180
FXStreet (Edinburgh) - The USD/CAD is pushing higher on Friday, printing fresh 3-week highs in the boundaries of 1.1180 ahead of data.
USD/CAD eyes on CPI figures
The CAD would remain under pressure as inflation figures and retail sales are due in the Canadian economy. Market consensus expects headline consumer prices to rise at an annual pace of 1.3%, same pace as expected for the Core reading. In addition, Canadian retail sales would have contracted 0.4% inter-month in December, down from November’s 0.6% advance. “We look for soft data to drive USDCAD to new cycle highs. The broader trend up is starting to look very, very strong again and while this has happened very quickly, we think it is hard to ignore. Resistance is futile”, suggested Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD significant levels
The pair is now up 0.66% at 1.1173 with the next resistance at 1.1200 (psychological level) ahead of 1.1224 (2014 high Jan.31). On the downside, a breach of 1.0911 (low Feb.19) would expose 1.0905 (low Jan.16) and finally 1.0860 (low Jan.14).
USD/CAD eyes on CPI figures
The CAD would remain under pressure as inflation figures and retail sales are due in the Canadian economy. Market consensus expects headline consumer prices to rise at an annual pace of 1.3%, same pace as expected for the Core reading. In addition, Canadian retail sales would have contracted 0.4% inter-month in December, down from November’s 0.6% advance. “We look for soft data to drive USDCAD to new cycle highs. The broader trend up is starting to look very, very strong again and while this has happened very quickly, we think it is hard to ignore. Resistance is futile”, suggested Shaun Osborne, Chief FX Strategist at TD Securities.
USD/CAD significant levels
The pair is now up 0.66% at 1.1173 with the next resistance at 1.1200 (psychological level) ahead of 1.1224 (2014 high Jan.31). On the downside, a breach of 1.0911 (low Feb.19) would expose 1.0905 (low Jan.16) and finally 1.0860 (low Jan.14).