USD CAD trying to recoil to growth
12/23/2016 11:54:03 AM
During last week FOREX market activities, The USD/CAD pair had merging yesterday’s sturdy move to over three week highs, beyond 1.3505 psychological mark.
Presently trading around 1.3495 area, with slight positive bias, Thursday's disappointing Canadian CPI print refuted upbeat monthly retail sales and added on to upward revision of US Q3 GDP growth, raising the pair to its highest level since end of Nov. The pair, though, lost momentum and recoil below 1.3505 handle on disappointing US personal income / spending data.
From existing levels, constant strength back above 1.3505 mark, leading to momentum above 1.3515, now appears to open room for persistence of the pair's near-term upward trajectory towards multi-month highs persistence near 1.3585 area touched in mid-Nov. On the downside, decline below 1.3475 might get expanded towards 1.3445 area and a follow through selling pressure is likely to pull the pair back towards 1.3410 previous strong persistence turned important support.
FOREX Fundamental Analysis
Written by FxErvin