17 Dec 2014
USD/CAD declines after soft US CPI data
FXStreet (Mumbai) - The USD/CAD pair declined to trade at the day’s low after the inflation faced by the households in the US increased at a slower rate than expected in November.
The pair now trades largely unchanged for the day at 1.1629 levels, after having hit a low of 1.1623 after the release of the soft CPI data in the US. Year-on-year the CPI in November increased 1.3%, against the median estimate of 1.4% and down from the October’s rise of 1.7%. Month-on-month prices fell 0.3%, beating the estimated decline of 0.1%. Meanwhile, core inflation also slowed down to 1.7% in November, from 1.8% in October.
On the other hand, Canadian Wholesale sales rose 0.1% in October, missing the median estimate of a 0.2% rise, and down from the previous figure of 1.8%.
USD/CAD Technical Levels
The pair has an immediate support located at 1.1604, under which losses could be extended to 1.1592 levels. Meanwhile, resistance is seen at a daily high of 1.166 and 1.1676 levels.
The pair now trades largely unchanged for the day at 1.1629 levels, after having hit a low of 1.1623 after the release of the soft CPI data in the US. Year-on-year the CPI in November increased 1.3%, against the median estimate of 1.4% and down from the October’s rise of 1.7%. Month-on-month prices fell 0.3%, beating the estimated decline of 0.1%. Meanwhile, core inflation also slowed down to 1.7% in November, from 1.8% in October.
On the other hand, Canadian Wholesale sales rose 0.1% in October, missing the median estimate of a 0.2% rise, and down from the previous figure of 1.8%.
USD/CAD Technical Levels
The pair has an immediate support located at 1.1604, under which losses could be extended to 1.1592 levels. Meanwhile, resistance is seen at a daily high of 1.166 and 1.1676 levels.