FXstreet.com (Barcelona) - The USD/CAD has consolidated nearly 25 pips off its session high (0.9980) Friday on the heels of solid economic data out of the United States. In these moments the exchange rate has settled in the zone of 0.9957, which constitutes a gain of +0.07% despite the abrupt pullback during the onset of American trading.
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.
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.
