Back
29 May 2014
USD/CAD unchanged after US, Canada data
FXStreet (Córdoba) - The USD/CAD was unable to find inspiration in the last range of US and Canada's economic data and continued to trade immutable in the 1.0850/60 zone.
The USD/CAD barely reacted to the latest string of data which showed Canadian current account deficit narrowed to CAD 12.39 billion from a revised CAD 15.64 billion in the fourth quarter of 2013.
Meanwhile in the US, Q1 GDP was revised down to -1.0% versus +0.1% previously estimated. It was the first time GDP contracted in 3 years. US jobless claims fell more than expected to 300K (318K f/c) in the week ending May 25.
The USD/CAD is currently trading at 1.0860, just where it was before the data but still 0.13% below its opening price.
USD/CAD outlook
From a technical view, Camilla Sutton, analyst at Scotiabank commented that USD/CAD short‐term technicals are mixed, warning that USD/CAD is likely to remain in range waiting for a catalyst. "Support lies at the recent low of 1.0814 and resistance at 1.0900" said the analyst.
The USD/CAD barely reacted to the latest string of data which showed Canadian current account deficit narrowed to CAD 12.39 billion from a revised CAD 15.64 billion in the fourth quarter of 2013.
Meanwhile in the US, Q1 GDP was revised down to -1.0% versus +0.1% previously estimated. It was the first time GDP contracted in 3 years. US jobless claims fell more than expected to 300K (318K f/c) in the week ending May 25.
The USD/CAD is currently trading at 1.0860, just where it was before the data but still 0.13% below its opening price.
USD/CAD outlook
From a technical view, Camilla Sutton, analyst at Scotiabank commented that USD/CAD short‐term technicals are mixed, warning that USD/CAD is likely to remain in range waiting for a catalyst. "Support lies at the recent low of 1.0814 and resistance at 1.0900" said the analyst.