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19 Sep 2014
USD/CAD bounces hard at 1.0885; back above 1.0950
FXStreet (San Francisco) - USD/CAD fell 90 pips from 1.0980 to break below the 1.0930 previous support and to price at lows since September 8 at 1.0885 post Canadian CPI. However, the pair found buying interest at this level and now it is trading back at 1.0950.
August's core CPI rose 2.1% YoY beating the 1.8% expected and moving above the BoC's 2% inflation target for the first time in more than 2 years.
Currently, USD/CAD is trading at 1.0951, up 0.16% on the day, having posted a daily high at 1.0980 and low at 1.0885. USD/CAD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.
USD/CAD levels
If the pair extends its bounce, next resistances are at 1.0970 and 1.1000. On the downside, supports are at 1.0900 area, 1.0840 and 1.0810.
August's core CPI rose 2.1% YoY beating the 1.8% expected and moving above the BoC's 2% inflation target for the first time in more than 2 years.
Currently, USD/CAD is trading at 1.0951, up 0.16% on the day, having posted a daily high at 1.0980 and low at 1.0885. USD/CAD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.
USD/CAD levels
If the pair extends its bounce, next resistances are at 1.0970 and 1.1000. On the downside, supports are at 1.0900 area, 1.0840 and 1.0810.