13 Feb 2015
USD/CAD drops to lows near 1.2460
FXStreet (Edinburgh) - The Canadian dollar is now rapidly appreciating vs. its neighbor, relegating USD/CAD to session lows in the sub-1.2470 zone.
USD/CAD weaker on Canadian data
The pair is revering a promising start after Canadian Manufacturing Shipments surprised investors to the upside in December, expanding 1.7% inter-month vs. forecasts for a 1.0% advance and the previous 1.3% contraction. The current advance is even more significant when taking into account the significant pullback from petroleum and coal products.
In the US calendar, both Exports and Imports prices extended its decline during January, dropping at an annual pace of 5.4% and 8.0%, respectively.
The Reuters/Michigan index, which tracks the consumer sentiment, is due later, with consensus pointing to 98.1 for the current month, matching the previous print.
USD/CAD levels to consider
At the moment the pair is retreating 0.09% at 1.2478 and a breach of 1.2451 (low Feb.10) would open the door to 1.2439 (low Feb.12) and then 1.2428 (low Feb.9). On the upside, the initial up barrier lies at 1.2646 (high Feb.12) ahead of 1.2700 (psychological level) and finally 1.2772 (high Feb.2).
USD/CAD weaker on Canadian data
The pair is revering a promising start after Canadian Manufacturing Shipments surprised investors to the upside in December, expanding 1.7% inter-month vs. forecasts for a 1.0% advance and the previous 1.3% contraction. The current advance is even more significant when taking into account the significant pullback from petroleum and coal products.
In the US calendar, both Exports and Imports prices extended its decline during January, dropping at an annual pace of 5.4% and 8.0%, respectively.
The Reuters/Michigan index, which tracks the consumer sentiment, is due later, with consensus pointing to 98.1 for the current month, matching the previous print.
USD/CAD levels to consider
At the moment the pair is retreating 0.09% at 1.2478 and a breach of 1.2451 (low Feb.10) would open the door to 1.2439 (low Feb.12) and then 1.2428 (low Feb.9). On the upside, the initial up barrier lies at 1.2646 (high Feb.12) ahead of 1.2700 (psychological level) and finally 1.2772 (high Feb.2).