Back
30 Jun 2014
USD/CAD hits daily highs after Canada’s GDP
FXStreet (Córdoba) - The USD/CAD jumped and hit fresh daily highs after April’s Canadian GDP came in slightly lower than expected.
Canada’s GDP grew 0.1% in April versus 0.2% expected, while it rose 2.1% YoY vs 2.2% expected. The USD/CAD rose to fresh daily highs but stalled a few pips shy of the 1.0700 psychological level. At time of writing, the USD/CAD is trading at 1.0690, 0.29% above its opening price, having scored a high of 1.0695 in recent dealings.
USD/CAD technical levels
In terms of technical levels, if the USD/CAD breaks above 1.0700, next resistances could be found at 1.0718 (Jun 26 high) and1.0749 (10-day SMA). On the flip side, supports are seen at 1.0659 (Jun 30 & 27 lows), 1.0608 (Jan 6 2014) and 1.0600 (psychological level).
Canada’s GDP grew 0.1% in April versus 0.2% expected, while it rose 2.1% YoY vs 2.2% expected. The USD/CAD rose to fresh daily highs but stalled a few pips shy of the 1.0700 psychological level. At time of writing, the USD/CAD is trading at 1.0690, 0.29% above its opening price, having scored a high of 1.0695 in recent dealings.
USD/CAD technical levels
In terms of technical levels, if the USD/CAD breaks above 1.0700, next resistances could be found at 1.0718 (Jun 26 high) and1.0749 (10-day SMA). On the flip side, supports are seen at 1.0659 (Jun 30 & 27 lows), 1.0608 (Jan 6 2014) and 1.0600 (psychological level).