Forex: USD/CAD jumps above parity

FXstreet.com (Barcelona) - The USDCAD has finally made the long awaited jump above parity Thursday, having breached the barrier during American trading. Following a massive jump yesterday in exchange, the pair has secured an advance of +0.26% today, settling at 1.0019/20 in these moments.

According to Analyst Fan Yang at FX Times, "A further extension of the USDCAD above parity needs to test 1.0055, whilst a break above that brings further a bullish outlook in the pair, opening the May 2012 resistance pivot at about 1.0445. The 61.8% retracement at 1.0130 is a more conservative bullish target, however we need further evidence that the market wants to stay above parity (by testing it as support) to give way to more bullish outlook."

In the United States, the CB Leading Indicator (MoM) yielded a result of +0.5% in December, beating expectations of +0.3%. Earlier, Markit Manufacturing PMI (January) gave a figure of 56.1, which also marked an improvement over its consensus of 53.0