{"id":53519,"date":"2014-06-30T11:12:09","date_gmt":"2014-06-30T15:12:09","guid":{"rendered":"http:\/\/countingpips.com\/?p=53519"},"modified":"2014-06-30T11:12:09","modified_gmt":"2014-06-30T15:12:09","slug":"usdcad-climbs-after-canadian-gdp-data","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2014\/06\/usdcad-climbs-after-canadian-gdp-data\/","title":{"rendered":"USDCAD Climbs After Canadian GDP Data"},"content":{"rendered":"
June 30, 2014<\/div>
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The Canadian dollar has been gaining lately against the US dollar. However, the USDCAD pair reached an important support zone where buyers appeared to hold the downside in the pair. Moments ago, the Canadian Gross Domestic Product (GDP) data was released by the Statistics Canada. The forecast is slated for a 0.2% rise in April. However, the outcome was below the expectations, as the Canadian GDP grew 0.1% in April, the same pace as in March. The report mentioned that the output of service industries increased 0.3% in April, led by wholesale and retail trade and output of goods-producing industries fell 0.3%. Moreover, the Wholesale trade rose 1.3% in April. Overall, the data was not that bad, but the market discarded it because the expectation was on the higher side.<\/p>\n

The USDCAD traded higher in an early reaction to the data and broke an important down-move trend line on the 4 hour chart. This trend line was also coinciding with the 23.6% fib retracement level of the last drop from the 1.0750 high to 1.0658 low. So, this break can be seen as important, which might encourage the US dollar buyers to take the UADCAD pair higher in the short term.<\/p>\n

\"USDCAD<\/a><\/p>\n

Currently, the pair is flirting with the 38.2% fib retracement level, and a break above the same might expose a run towards the 50% fib level. The 100 simple moving average on the 4 hour chart also sits around the same fib level. So, sellers might appear around the mentioned fib level.<\/p>\n

On the downside, the broken trend line might act as support moving ahead. Any further losses should be limited considering the current price action and could find support around the recent low of 1.0658.<\/p>\n

————————————-
\nPosted By IKOFX Technical Team: Online Forex Broker
\nWebsite: http:\/\/ikofx.com\/?affref=300012<\/a><\/p>\n

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The Canadian dollar has been gaining lately against the US dollar. However, the USDCAD pair reached an important support zone where buyers appeared to hold the downside in the pair. Moments ago, the Canadian Gross Domestic Product (GDP) data was released by the Statistics Canada. The forecast is slated for a 0.2% rise in April. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-53519","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/53519","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=53519"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/53519\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=53519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=53519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=53519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}