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COZfx: US dollar trading lower against Canadian dollar

Discussion in 'Broker dan IB' started by harryer, Feb 25, 2014.

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  1. harryer

    harryer Member

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    COZforex: The US dollar moved lower against the Canadian dollar on Monday, as investors turned their attention to Canadian reports on trade and GDP growth due out later in the week.

    USD/CAD was down 0.27% to 1.1079 in early U.S. trade, after rising to one-month highs of 1.1193 on Friday. COZFX strategist Nigel Boynton said, USD/CAD is predicted to find support at 1.1078, and a decline through could take it to the next support line of 1.1042. Meanwhile, the pair is predicted to find its first resistance at 1.1174, and a rise through could take it to the next resistance line of 1.1234.

    The loonie, as the Canadian dollar is also known, dropped against the US dollar on Friday after Statistics Canada reported that December retail sales tumbled by a larger than expected 1.8% from the previous month.

    Canada’s dollar retraced some of these losses after a separate report showed that the rate of consumer inflation accelerated by 1.5% in January from a year earlier. This was higher than the 1.3% increase forecast by economists, but remained well below the Bank of Canada’s 2% target.

    The data indicated that the BoC is likely to keep rates on hold for some time to come.

    Market sentiment remained subdued after data on Monday showed that Chinese home prices fell for the first time in 14 months in January. The data added to fears that the world’s second largest economy is slowing as the government tries to tackle bad loans and weak lenders.

    (COZ forex UK)
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