Forex: USD/CAD jumps ahead to 0.9871/77 after US data
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USD/CAD
FXstreet.com (Barcelona) - After peaking briefly at 0.9879 (daily high), the USDCAD has fluctuated wildly in the aftermath of the US data release. In recent minutes however the pair has crept back higher at 0.9871/77, trading near its established maximum.
In the United States, the Consumer Price Index (YoY) came in at +1.7% in December, slightly missing estimates of +1.8%. Moreover, the Consumer Price Index (MoM) was unchanged in the month of December, in line with expectations. Finally, the Consumer Price Index ex Food and Energy (MoM and YoY) yielded a growth of +0.1% in December (against estimates of +0.2%) and +1.9% in December (meeting projections of +1.9%) respectively.
According to the analysts at TD Securities, "the USDCAD continues to grind higher from the low 0.9800 area, but progress is slow and good selling interest is apparent on modest USD gains through the upper 0.9800 area in fairly consistent fashion in the past few days. Weak trend momentum in the short-term suggests that, absent a catalyst the USDCAD, gains will remain limited."
The USDCAD has secured an advance of +0.31% thus far. After breaking resistance at 0.9861, Mataf.net analysts point to the next measures at 0.9881, onto 0.9895. Regarding a pullback, supportive measures will trigger at 0.9827, then 0.9817, and 0.9793.
In the United States, the Consumer Price Index (YoY) came in at +1.7% in December, slightly missing estimates of +1.8%. Moreover, the Consumer Price Index (MoM) was unchanged in the month of December, in line with expectations. Finally, the Consumer Price Index ex Food and Energy (MoM and YoY) yielded a growth of +0.1% in December (against estimates of +0.2%) and +1.9% in December (meeting projections of +1.9%) respectively.
According to the analysts at TD Securities, "the USDCAD continues to grind higher from the low 0.9800 area, but progress is slow and good selling interest is apparent on modest USD gains through the upper 0.9800 area in fairly consistent fashion in the past few days. Weak trend momentum in the short-term suggests that, absent a catalyst the USDCAD, gains will remain limited."
The USDCAD has secured an advance of +0.31% thus far. After breaking resistance at 0.9861, Mataf.net analysts point to the next measures at 0.9881, onto 0.9895. Regarding a pullback, supportive measures will trigger at 0.9827, then 0.9817, and 0.9793.
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