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17 Apr 2015
USD/CAD bounces sharply and climbs back above 1.2200
FXStreet (Córdoba) - On a volatile session for USD/CAD, the pair bounced sharply rising more than 150 pips from daily lows.
Earlier, after the relase of important economic data from Canada, USD/CAD plummeted, extending the decline that started four days ago and bottomed at 1.2085, a level last seen back in January 20. Afterwards the US dollar gained momentum across the baord and pushed the pair back above 1.2200.
Recently hit a fresh daily high at 1.2248 and currently is trading at 1.2230, up 0.33%, headed toward the first daily gain since Monday but still falling more than 300 pips over the week, having the worst weekly result of the year.
A recovery in crude oil prices and the recent data from Canada supported the loonie in the market. Retail sales rose in february 1.7% above the 0.5% expected while the CPI climbed 0.7% in March, higher than the market consensus of a 0.5% increase.
Earlier, after the relase of important economic data from Canada, USD/CAD plummeted, extending the decline that started four days ago and bottomed at 1.2085, a level last seen back in January 20. Afterwards the US dollar gained momentum across the baord and pushed the pair back above 1.2200.
Recently hit a fresh daily high at 1.2248 and currently is trading at 1.2230, up 0.33%, headed toward the first daily gain since Monday but still falling more than 300 pips over the week, having the worst weekly result of the year.
A recovery in crude oil prices and the recent data from Canada supported the loonie in the market. Retail sales rose in february 1.7% above the 0.5% expected while the CPI climbed 0.7% in March, higher than the market consensus of a 0.5% increase.