The USD/CAD is on the move to new highs on the year, helped by today’s US data. Let’s review these data points on jobless claims and retail sales and take a look at the USD/CAD charts for the reaction and technical development.
There was better than expected jobless claims data and retail sales data reaffirming the current projection for the FOMC to raise rates by mid-2015. The USD/CAD was bullish but held below 1.15. After the data points, it rallied into fresh highs on the year. The monthly chart will show that there is room to run until the 1.17-1.1725 area, which involves a resistance pivot in 2009. It will take a break below 1.14 to introduce any consolidation or bullish correction scenario.
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