Forex: USD/CAD trimming early gains
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USD/CAD
FXstreet.com (Barcelona) - After climbing to the boundaries of 0.9940 on stronger-than-expected US Pending Home Sales, the Loonie has managed to gather some traction and regain terrain lost to its neighbor, ahead of tomorrow's GDP figures for the third quarter. Previous estimates expect the economic activity in Canada to grow 0.1% on a monthly basis and to stay put at +1.2% YoY.
In the data front, the Canadian Current Account posted a wider deficit during the third quarter at $18.9 billion vs. $18.38 billion, and Industrial Product Prices have contracted 0.1% MoM in October.
At the moment the pair is up 0.11% at 0.9931 facing the next resistance at 0.9962 (high Nov.28) followed by 0.9983 (high Nov.22) and then 0.9992 (highs Nov.21/22).
On the other hand, a dip below 0.9906 (lowo Nov.27) would aim to 0.9898 (Lower Bollinger) and 0.9895 (38.2% of 0.9633-1.0057).
In the data front, the Canadian Current Account posted a wider deficit during the third quarter at $18.9 billion vs. $18.38 billion, and Industrial Product Prices have contracted 0.1% MoM in October.
At the moment the pair is up 0.11% at 0.9931 facing the next resistance at 0.9962 (high Nov.28) followed by 0.9983 (high Nov.22) and then 0.9992 (highs Nov.21/22).
On the other hand, a dip below 0.9906 (lowo Nov.27) would aim to 0.9898 (Lower Bollinger) and 0.9895 (38.2% of 0.9633-1.0057).
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