Forex: USD/CAD retreats from highs, around 0.9900
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USD/CAD
FXstreet.com (Barcelona) - The Loonie gathered some pace after Manufacturing Shipments in the Canadian economy rose 1.7% MoM during November, beating forecasts and leaving behind the previous contraction.
The increasing risk-off tone in the markets were pushing the cross to fresh highs beyond the key resistance at 0.9900 on Friday, just to retrace some ground in the wake of the Canadian data.
USDCAD is up 0.45% at 0.9902 with the next hurdle at 0.9923 (high Jan.4) followed by 0.9943 (high Jan.2) and then 0.9969 (high Dec.28).
On the flip side, a breach of 0.9833 (lows Jan.14/15) would bring 0.9808 (Lower Bollinger) and finally 0.9795 (61.8% of 0.9633-1.0057).
The increasing risk-off tone in the markets were pushing the cross to fresh highs beyond the key resistance at 0.9900 on Friday, just to retrace some ground in the wake of the Canadian data.
USDCAD is up 0.45% at 0.9902 with the next hurdle at 0.9923 (high Jan.4) followed by 0.9943 (high Jan.2) and then 0.9969 (high Dec.28).
On the flip side, a breach of 0.9833 (lows Jan.14/15) would bring 0.9808 (Lower Bollinger) and finally 0.9795 (61.8% of 0.9633-1.0057).
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