USD/CAD unchanged near 1.2430 ahead of GDP
|The greenback is trading around yesterday’s closing vs. its Canadian peer on Friday, taking USD/CAD to the 1.2430 region ahead of key data.
USD/CAD attention to US, CA data
Spot is advancing for the third consecutive week so far, although it seems to have found a tough resistance at yesterday’s tops in the 1.2520 zone.
The recent cautious tone from Governor S.Poloz at his speech on Wednesday disappointed CAD-bulls and collaborated further with the ongoing rally in the pair, which is already gaining near 4% since fresh cycle lows in the mid-1.2000s seen earlier in the month.
In the meantime, CAD seems to ignore the ongoing rally in crude oil prices, with the barrel of West Texas Intermediate currently a tad lower from yesterday’s 2-month tops in the $52.40 area.
Looking ahead, Canadian GDP figures for the month of July are next on tap, while August’s inflation figures tracked by the PCE, personal income/spending and the final print of the consumer sentiment for the month of September area all due in the US docket. Further out, Philly Fed P.Harker (voter, hawkish) is also due to speak.
USD/CAD significant levels
As of writing the pair is gaining 0.02% at 1.2429 facing the next up barrier at 1.2474 (55-day sma) seconded by 1.2521 (high Sep.28) and finally 1.2664 (high Aug.31). On the downside, a drop below 1.2361 (10-day sma) would aim for 1.2291 (21-day sma) and then 1.2119 (low Sep.15).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.