Forex: USD/CAD colapses into European close
Forex pairs in this Article »
USD/CAD
FXstreet.com (Barcelona) - USDCAD has sold off sharply this afternoon to post a low since the 7th November at 0.9932 following Canadian CPI figures.
The move lower has undoubtedly been amplified by low volume as many US market participants takes advantage of the long Thanksgiving weekend. Canadian CPI came in ahead of expectations for October at 1.2/1.1% YoY and 0.2/0.1% MoM, causing spot to fall close to 40 pips to post a low just beneath classic S2 support at 0.9935. Price has currently bounced off the low and is currently trading at 0.9943 as we head towards the European close.
Elsewhere, US and European stocks are up whilst commodities are mixed and critical yields remain stable.
The move lower has undoubtedly been amplified by low volume as many US market participants takes advantage of the long Thanksgiving weekend. Canadian CPI came in ahead of expectations for October at 1.2/1.1% YoY and 0.2/0.1% MoM, causing spot to fall close to 40 pips to post a low just beneath classic S2 support at 0.9935. Price has currently bounced off the low and is currently trading at 0.9943 as we head towards the European close.
Elsewhere, US and European stocks are up whilst commodities are mixed and critical yields remain stable.
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