Forex: USD/CAD trades at 0.9965/67 after Canadian data
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USD/CAD
FXstreet.com (Barcelona) - The USDCAD has inched lower during the onset of American trading Friday, as investors face a rather quiet session. The pair has oscillated a meager 21 pips (0.9962 intraday minimum, 0.9983 intraday maximum) throughout the day, before ultimately setting at 0.9965/67 presently. On the heels of a recent tranche of Canadian CPI data, the pair is suffering from a decline of -0.10%.
According to the ICN.com analyst team, "The thin trading remains evident and our bearish expectations remain intact. Trading is still below the 23.6% correction of CD leg of the bearish Butterfly Pattern and our expectations were activated at 0.9980 areas and trading below this level supports the move toward the pattern's first target."
In Canada, the Consumer Price Index (YoY and MoM) grew by +1.2% in October, (against a consensus estimate of +1.1%), and +0.2% in October (vs. a projection of +0.1%). Moreover, the BOC Consumer Price Index Core (YoY) has climbed +1.3% in October, relative to expectations of +1.2%. In other news, the price of crude has settled at USD $87.18, up +0.07%.
Technically speaking, the technical analyst team at Mataf.net points to supportive structures at 0.9957 onto 0.9940, and finally 0.9927. On the ascension, the USDCAD will face resistive measures at 0.9987, 1.0000, and ultimately 1.0017.
According to the ICN.com analyst team, "The thin trading remains evident and our bearish expectations remain intact. Trading is still below the 23.6% correction of CD leg of the bearish Butterfly Pattern and our expectations were activated at 0.9980 areas and trading below this level supports the move toward the pattern's first target."
In Canada, the Consumer Price Index (YoY and MoM) grew by +1.2% in October, (against a consensus estimate of +1.1%), and +0.2% in October (vs. a projection of +0.1%). Moreover, the BOC Consumer Price Index Core (YoY) has climbed +1.3% in October, relative to expectations of +1.2%. In other news, the price of crude has settled at USD $87.18, up +0.07%.
Technically speaking, the technical analyst team at Mataf.net points to supportive structures at 0.9957 onto 0.9940, and finally 0.9927. On the ascension, the USDCAD will face resistive measures at 0.9987, 1.0000, and ultimately 1.0017.
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