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3 Mar 2015
USD/CAD drops to 1.2440 post-GDP
FXStreet (Edinburgh) - The Canadian dollar is now gathering traction vs. its neighbour, dragging USD/CAD to the 1.2440 area, or intraday lows.
USD/CAD in 3-day lows on GDP data
The CAD is seeing its demand accelerated after the GDP figures in the Canadian economy expanded more than previously forecasted during the last three months of 2014. The GDP expanded at an annual rate of 2.4% vs. 2.0% expected and 0.3% inter-month. Further releases show the domestic Industrial Production trimming the recent negative trend in January, contracting 0.4% vs. -0.7% estimated and -1.5% previous.
USD/CAD significant levels
The pair is now down 0.70% at 1.2446 with the next support at 1.2400 (psychological level) ahead of 1.2387 (low Feb.26) and then 1.2362 (low Feb.17). On the other hand, a break above 1.2543 (high Mar.3) would open the door to 1.2565 (high Mar.2) and finally 1.2577 (Kijun Sen).
USD/CAD in 3-day lows on GDP data
The CAD is seeing its demand accelerated after the GDP figures in the Canadian economy expanded more than previously forecasted during the last three months of 2014. The GDP expanded at an annual rate of 2.4% vs. 2.0% expected and 0.3% inter-month. Further releases show the domestic Industrial Production trimming the recent negative trend in January, contracting 0.4% vs. -0.7% estimated and -1.5% previous.
USD/CAD significant levels
The pair is now down 0.70% at 1.2446 with the next support at 1.2400 (psychological level) ahead of 1.2387 (low Feb.26) and then 1.2362 (low Feb.17). On the other hand, a break above 1.2543 (high Mar.3) would open the door to 1.2565 (high Mar.2) and finally 1.2577 (Kijun Sen).