Forex: USD/CAD advances further to 0.9950

FXstreet.com (San Francisco) - The impressive USD/CAD's rally has continued in the last couple of hours with the pair climbing around 0.75% so far today to test the 0.9950 level. The pair is currently trading at 0.9951, fresh 2-week highs.

The USD/CAD was lifted by the worst than expected Canadian consumer price index and the GDP that has been posted in line of expectations. In Canada, the CPI (MoM) contracted -0.2% in November, missing consensus expectations of 0.0%. In addition, the Consumer Price Index (YoY) climbed +0.8% in November, against projections calling for a +1.1% growth.

The Bank of Canada Consumer Price Index Core (MoM) yielded a result of 0.0% in November, against a consensus of +0.2%. Finally, the Bank of Canada Consumer Price Index Core (YoY) reported a growth of only +1.2%, relative to expectations of +1.3%.

The pair is testing the 0.9950 resistance and above this level, the loonie would face 0.9990 (200 hours MA) and the parity as next frontiers. On the other hand, pair could find supports at Dec 7th high at 0.9930, 0.9900 and 0.9870, today's low.

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