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).
Author
Pablo Piovano
FXStreet
Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.
