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18 Jun 2013
USD/CAD above 1.0200 ahead of US data
FXstreet.com (Edinburgh) - The USD continues to push the USD/CAD higher on Tuesday, driving the pair beyond the key resistance at 1.0200.
USD/CAD focused on CPI
The bullish momentum of the pair would be put to the test later, when the US economy releases its inflation figures for the month of May. “We look for US CPI to print in line with expectations, boosted by gasoline and food prices, while housing starts may marginally disappoint. CPI momentum is beginning to turn higher, and even though the pace of inflation should remain subdued in May, it is likely to mark the rebound in prices after two months of deflation”, noted Jacqui Douglas, Senior Global Strategist at TD Securities.
USD/CAD levels to watch
At the moment the pair is up 0.24% at 1.0211 facing the next hurdle at 1.0227 (high Jun.13) followed by 1.0231 (MA30d) and then 1.0288 (high Jun.7). On the flip side, a break below 1.0177 (low Jun.18) would open the door to 1.0150 (low Jun.17) and then 1.0137 (low Jun.14).
USD/CAD focused on CPI
The bullish momentum of the pair would be put to the test later, when the US economy releases its inflation figures for the month of May. “We look for US CPI to print in line with expectations, boosted by gasoline and food prices, while housing starts may marginally disappoint. CPI momentum is beginning to turn higher, and even though the pace of inflation should remain subdued in May, it is likely to mark the rebound in prices after two months of deflation”, noted Jacqui Douglas, Senior Global Strategist at TD Securities.
USD/CAD levels to watch
At the moment the pair is up 0.24% at 1.0211 facing the next hurdle at 1.0227 (high Jun.13) followed by 1.0231 (MA30d) and then 1.0288 (high Jun.7). On the flip side, a break below 1.0177 (low Jun.18) would open the door to 1.0150 (low Jun.17) and then 1.0137 (low Jun.14).