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USD/CAD drops to 1.2440 post-GDP

FXStreet (Edinburgh) - The Canadian dollar is now gathering traction vs. its neighbour, dragging USD/CAD to the 1.2440 area, or intraday lows.

USD/CAD in 3-day lows on GDP data

The CAD is seeing its demand accelerated after the GDP figures in the Canadian economy expanded more than previously forecasted during the last three months of 2014. The GDP expanded at an annual rate of 2.4% vs. 2.0% expected and 0.3% inter-month. Further releases show the domestic Industrial Production trimming the recent negative trend in January, contracting 0.4% vs. -0.7% estimated and -1.5% previous.

USD/CAD significant levels

The pair is now down 0.70% at 1.2446 with the next support at 1.2400 (psychological level) ahead of 1.2387 (low Feb.26) and then 1.2362 (low Feb.17). On the other hand, a break above 1.2543 (high Mar.3) would open the door to 1.2565 (high Mar.2) and finally 1.2577 (Kijun Sen).

SEK lifted by Riksbank Governor’s Ingves – BBH

The Brown Brothers Harriman Team mention that the positive tone of Riksbank Governor Ingves regarding inflation and economic developments helped the SEK to rise.
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Canadian GDP rises 0.3%

The data released by Statistics Canada showed annualised real gross domestic product (GDP) grew 2.4% in the fourth quarter, beating the estimate of 2.0%, and up from a 3.2% gain in the third quarter.
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