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29 May 2015
USD/CAD clinches highs above 1.2500
FXStreet (Edinburgh) - The US dollar gained further traction vs. its Canadian counterpart on Friday, lifting USD/CAD to the area of session highs near 1.2520.
USD/CAD stronger on US GDP
The pair managed to advance further after the US economy dropped 0.7% on an annualized basis at the beginning of the current year, slightly bettering forecasts for a 0.8% drop and down from the 0.2% gain seen in the first revision.
On the Canadian side, the GDP contracted 0.6% inter-quarter during Q1 vs. 0.3% previously estimated, providing additional selling pressure to the CAD.
Next of relevance will be the final figures of the US Consumer Sentiment tracked by the Reuters/Michigan index.
USD/CAD key levels
At the moment the pair is up 0.52% at 1.2502 and a surpass of 1.2520 (high May 29) would target 1.2540 (high May 28) en route to 1.2555 (low Apr.13). On the flip side, the next support aligns at 1.2408 (low May 19) followed by 1.2396 (low May 27) and finally 1.2304 (low May 26).
USD/CAD stronger on US GDP
The pair managed to advance further after the US economy dropped 0.7% on an annualized basis at the beginning of the current year, slightly bettering forecasts for a 0.8% drop and down from the 0.2% gain seen in the first revision.
On the Canadian side, the GDP contracted 0.6% inter-quarter during Q1 vs. 0.3% previously estimated, providing additional selling pressure to the CAD.
Next of relevance will be the final figures of the US Consumer Sentiment tracked by the Reuters/Michigan index.
USD/CAD key levels
At the moment the pair is up 0.52% at 1.2502 and a surpass of 1.2520 (high May 29) would target 1.2540 (high May 28) en route to 1.2555 (low Apr.13). On the flip side, the next support aligns at 1.2408 (low May 19) followed by 1.2396 (low May 27) and finally 1.2304 (low May 26).