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COZfx: CAD hits session highs before Fed minutes

Discussion in 'Analisa Fundamental' started by harryer, Nov 21, 2013.

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  1. harryer

    harryer Member

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    COZforex: The US dollar dropped to session lows against the Canadian dollar on Wednesday after mixed US data, as investors waited the minutes of the Federal Reserve’s October meeting later in the session.

    USD/CAD was down 0.18% to 1.0450 during early U.S. trade, from Tuesday’s close of 1.0468. COZforex foreign currency senior currency strategist, Paul Chew said, USD/CAD was likely to find support at 1.0414, Tuesday’s low and resistance at 1.0484, Tuesday’s high.

    The Commerce Department said US retail sales rise 0.4% in October, beating expectations for a 0.1% increase. Core retail sales were up 0.2%, above expectations for a 0.1% rise. A separate report showed that US consumer prices declines for the first time in 6 months in October, declining 0.1%.

    The greenback remained under pressure after Fed Chairman Ben Bernanke reiterated the bank’s commitment to highly accommodative monetary policy on Tuesday and said the Fed would only taper its USD85 billion-a-month asset purchase program when it was assured of a sustained recovery in the labor market.

    Interest rates will probably remain near zero for a “considerable time” after the bank winds up the stimulus program, he added.

    The Fed minutes were expected to reveal more details on the bank’s decision to stick with the stimulus program last month.

    Statistics Canada said wholesale sales rose 0.2% after a downwardly revised 0.4% gain in August, falling short of expectations for a 1% increase.

    The US was to release data on existing home sales later Wednesday.


    (COZ forex UK)
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