USD/CAD Tests 1.2950 on US Data
The greenback is intensifying its daily rebound today, now lifting USD/CAD to fresh session tops in the mid-1.2900s.
USD/CAD firmer on upbeat US CPI
Spot saw its upside momentum gathering further steam after US inflation
figures gauged by the CPI gained 0.4% on a monthly basis during April,
beating initial forecasts.
In addition Housing Starts and Building Permits have come in mixed at
1.172M and 1.116M during April, vs. initial estimates at 1.130M and
1.127M, respectively.
On the Canadian side, Manufacturing Sales have contracted less than expected 0.9% on a monthly basis in March.
USD/CAD significant levels
As of writing the pair is up 0.41% at 1.2947 and a break above 1.2967
(55-day sma) would aim for 1.3015 (high May 9) and then 1.3219 (high
Apr.5). On the flip side, the immediate support aligns at 1.2768 (low
May 12) followed by 1.2461 (2016 low May 3) and finally 1.2124 (monthly
low Jun.24 2015).
