The USD/CAD printed a fresh daily high on Friday at 1.3772, amid a weaker Loonie and a mixed Greenback. After moving away from the bottom, the pair is about to post a small weekly loss.
Data released on Friday showed the Canadian Industrial Product Price Index dropped 0.8%, a surprise considering market expectations of a 1.6% increase. The Raw Material Price Index fell 0.4%, below the estimate 0%. The economic figures did not help the Loonie, that is among the worst performers on Friday.
Next week, the key report from the Canadian economy will be February’s Consumer Price Index (CPI) on Tuesday. It is expected to show an increase of 0.4% MoM, and the annual rate slowing from 5.9% in January to 5.5%.
The US Dollar is mixed on Friday, attempting a recovery as stocks in Wall Street deepen losses. US yields are down by 4% on average, with the 10-year at 3.41%, slightly above March lows.
Markets remain anxious with the banking turmoil and next week is the FOMC meeting. The consensus is still for a 25bps rate hike but the end of the tightening cycle is seen sooner than previously thought. The change in expectations weighed on the Greenback.
The USD/CAD has been making higher lows and lower highs during the last sessions. On Friday, it reversed from a two-day low at 1.3676 and jumped to 1.3763. The short-term direction is not clear.
The pair remains above the 20-day Simple Moving Average (1.3655) and also above the 1.3660/70 key support area. While above that two supports, the outlook looks constructive for the USD/CAD.
|Today last price||1.3753|
|Today Daily Change||0.0031|
|Today Daily Change %||0.23|
|Today daily open||1.3722|
|Previous Daily High||1.3788|
|Previous Daily Low||1.3714|
|Previous Weekly High||1.3862|
|Previous Weekly Low||1.3582|
|Previous Monthly High||1.3666|
|Previous Monthly Low||1.3262|
|Daily Fibonacci 38.2%||1.3742|
|Daily Fibonacci 61.8%||1.376|
|Daily Pivot Point S1||1.3694|
|Daily Pivot Point S2||1.3667|
|Daily Pivot Point S3||1.362|
|Daily Pivot Point R1||1.3769|
|Daily Pivot Point R2||1.3815|
|Daily Pivot Point R3||1.3843|
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.