USD/CAD rallies above 1.3600 on weak Canada GDP, mixed US data USDCAD Majors Macroeconomics Technical Analysis
shifted sour as US equities opened in the red. At the time of writing, the USD/CAD exchanges hands at around 1.3610.Gross Domestic Product
Even though the reading is negative, it takes the pressure off the Bank of Canada . The BoC announced at its last monetary policy meeting that it would pause rate hikes. Consequently, further USD/CAD strength is warranted, as the US Federal Reserve is expected to continue its tightening cycle with speculation around the financial markets that the Fed could go as high as 6%, according to Bank of America Global Research.
On the US front, monthly house prices dropped in December by 0.1% MoM, in data published by the US Federal Housing Finance Agency showed on Tuesday. At the same time, the S&P/Case-Shiller Home Price Index arrived at 4.6% YoY in December, down from 6.8% in November and lower than analysts’ estimate of 6.1%.USD/CAD Technical analysis
The USD/CAD next resistance would be the daily high at 1.3609. A breach of the latter will expose the YTD high at 1.3685, ahead of 1.3700, followed by the November 3 swing high at 1.3808.Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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