19 Dec 2014
USD/CAD holds below 1.1600 ahead of data
FXStreet (Córdoba) - USD/CAD dropped during the Asian session to 1.1566 but then bounced to the upside and erased losses. The area around 1.1600 offered resistance.
During the last hours the pair has remained steady, moving in a range with support at 1.1585 and resistance at 1.1600, as traders await the release of inflation and retail sales data from Canada at 13:30 GMT. The numbers are likely to impact on the loonie.
“The consensus expects a 0.2% decline in headline inflation and a 0.1% rise in the core rate. The central bank expects price pressures to ease. The surprise may be in retail sales. The headline is expected to be 0.3% lower after a 0.8% rise in October. There is scope for an upside surprise. Excluding autos, retail sales are expected to rise slightly after a flat reading previously”, noted analysts from the Currency Strategy Team at BBH.
During the last hours the pair has remained steady, moving in a range with support at 1.1585 and resistance at 1.1600, as traders await the release of inflation and retail sales data from Canada at 13:30 GMT. The numbers are likely to impact on the loonie.
“The consensus expects a 0.2% decline in headline inflation and a 0.1% rise in the core rate. The central bank expects price pressures to ease. The surprise may be in retail sales. The headline is expected to be 0.3% lower after a 0.8% rise in October. There is scope for an upside surprise. Excluding autos, retail sales are expected to rise slightly after a flat reading previously”, noted analysts from the Currency Strategy Team at BBH.