USD/CAD remains weak below 1.3300 after Canadian, US data


 

 

  • The US Dollar remains stuck at multi-month lows after weak US PCE Inflation.
  • US Durable Goods orders beat expectations, easing bearish pressure on the USD.
  • Canadian GDP contracts unexpectedly in October.
     

The US Dollar maintains its bearish tone against the loonie. The mixed US macroeconomic figures have offset the weak Canadian Gross Domestic Product data leaving the languishing at multi-month lows below 1.3300.


Canadian Gross Domestic Product remained flat in October, according to data released by Statistics Canada. The final data falls short of market expectations of 0.2% growth and put into question the Bank of Canada´s hawkish forward guidance.

The negative impact on the Canadian Dollar, however, has been offset by the mixed US data, but especially by November´s PCE Prices Index, which contracted unexpectedly in November increasing hopes of Fed cuts in early 2024.

PCE Inflation eased 0.1% in the month and grew at a 2.6% pace in the year, below market expectations of 0% and 2.8% readings respectively. The Code PCE nudged up 0.1% on the month and 3.2% year-on hear. Market experts had anticipated 0.2% and 3.3% increases respectively.

On the positive side, US Durable Goods Orders increased beyond expectations, which eases concerns about the outlook of the manufacturing industry and has cushioned US Dollar´s decline.
 

Technical levels to watch
 

USD/CAD

Overview
Today last price 1.3276
Today Daily Change -0.0004
Today Daily Change % -0.03
Today daily open 1.328
 
Trends
Daily SMA20 1.3511
Daily SMA50 1.365
Daily SMA100 1.3599
Daily SMA200 1.3502
 
Levels
Previous Daily High 1.3371
Previous Daily Low 1.328
Previous Weekly High 1.3619
Previous Weekly Low 1.335
Previous Monthly High 1.3899
Previous Monthly Low 1.3541
Daily Fibonacci 38.2% 1.3315
Daily Fibonacci 61.8% 1.3336
Daily Pivot Point S1 1.325
Daily Pivot Point S2 1.3219
Daily Pivot Point S3 1.3158
Daily Pivot Point R1 1.3341
Daily Pivot Point R2 1.3402
Daily Pivot Point R3 1.3433

 

 

 

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