FxWirePro: USD/CAD edges higher from session lows, strong support at 1.2900
USD/CAD edges higher from day's lows at 1.2902, strong support seen at 1.2900 (double bottom Oct 9th and 12th) Poor U.S. retail sales and PPI data on Wed pushed Fed rate hike expectation beyond 2016, weighing heavily on …
USD/CAD edges higher from day's lows at 1.2902, strong support seen at 1.2900 (double bottom Oct 9th and 12th)
Poor U.S. retail sales and PPI data on Wed pushed Fed rate hike expectation beyond 2016, weighing heavily on USD
The dollar slumped to seven-week lows against a basket of currencies in Asian trading on Thursday, dragging USD/CAD lower
Rise in commodities including oil, boosting CAD, brent was up 15 cents at $49.30 a barrel by 0527 GMT, having ended down 9 cents at $49.15 on Wednesday
USD/CAD is at the time of writing trading at 1.2916, with immediate resistance at 1.2920 (Hourly 10 MA) ahead of 1.2977 (session high Oct 14)
Supports on the downside are seen at 1.2900 (double bottom Oct 9th and 12th) and then at 1.2857 (cloud base)
Markets await U.S. CPI data due later today in the NY session for further momentum
