According to Mark De La Paz, an analyst at FX Instructor, “The market appears to have a bullish bias in the USD/CAD hourly charts. We also have seen a High Wave Doji (Bear) that is well resisted by the 0.9967 region.”
In the United States, Gross Domestic Product Annualized rose +2.0% in Q3, against consensus expectations of only +1.9%. In addition, the Gross Domestic Purchasers Price Index grew +2.9% in Q3, relative to estimates of only +2.0%. Amidst the solid US data, the price of crude has also manage to pare some of its losses on the day, settling at USD $85.87, down -0.21% in these moments.
Briefing the technicals, De La Paz calculates initial resistance at 0.9967, then 0.9987, and finally 1.0019. In the event of a prolonged movement to the downside or further consolidative movement, the USD/CAD will encounter supportive means at 0.9935, followed by 0.9915, and 0.9883.