Forex: USD/CAD continues decline after US data
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USD/CAD
FXstreet.com (Barcelona) - Having made a high at 0.9899 during the early European session, USDCAD retraced 20 pips to 0.9878 ahead of key US data this afternoon.
US Core Personal Consumption QoQ, Q2 Annualised GDP and Q2 Gross Domestic Purchases Index all registered in line with analyst expectation at 1.8%, 1.7% and 1.6% respectively but represented a mark down from previous figures. Canadian Industrial Product Prices came in lower at -0.5% versus 0.1% expected and Raw Material Price Index at 0.9% against 2% expected. This has ushered in a bout of USD weakening across markets as expectations of further stimulus measures look to have been stoked in the short term at least. Currently trading at 0.9870, Forex Ticket analysts have highlighted the next support level at 0.9842, where yesterdays low can be found. The Fed Beige book at 18:00 GMT represents the remaining item of significance on the calendar today.
European Equities have responded extremely positively post data with The Dax in positive territory for the first time today. US futures are also indicating a higher open and commodities have still represent a mixed picture. Spanish and Italian yields are up and down 0.42% and 0.46% respectively.
US Core Personal Consumption QoQ, Q2 Annualised GDP and Q2 Gross Domestic Purchases Index all registered in line with analyst expectation at 1.8%, 1.7% and 1.6% respectively but represented a mark down from previous figures. Canadian Industrial Product Prices came in lower at -0.5% versus 0.1% expected and Raw Material Price Index at 0.9% against 2% expected. This has ushered in a bout of USD weakening across markets as expectations of further stimulus measures look to have been stoked in the short term at least. Currently trading at 0.9870, Forex Ticket analysts have highlighted the next support level at 0.9842, where yesterdays low can be found. The Fed Beige book at 18:00 GMT represents the remaining item of significance on the calendar today.
European Equities have responded extremely positively post data with The Dax in positive territory for the first time today. US futures are also indicating a higher open and commodities have still represent a mixed picture. Spanish and Italian yields are up and down 0.42% and 0.46% respectively.
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