{"id":69166,"date":"2015-03-06T17:24:43","date_gmt":"2015-03-06T22:24:43","guid":{"rendered":"http:\/\/countingpips.com\/?p=69166"},"modified":"2015-03-06T17:32:17","modified_gmt":"2015-03-06T22:32:17","slug":"usdcad-gains-more-than-100-pips-reaches-3-week-high","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2015\/03\/usdcad-gains-more-than-100-pips-reaches-3-week-high\/","title":{"rendered":"USDCAD Gains More Than 100 Pips, Reaches 3-Week High"},"content":{"rendered":"<div id=\"inves-1958333603\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">March 6, 2015<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><em><strong>By\u00a0<a href=\"http:\/\/fxtimes.com\/\" target=\"_blank\">fxtimes.com<\/a><\/strong><\/em><\/p>\n<p><strong>Technical Bias: Bullish<\/strong><\/p>\n<p><strong>Highlights:\u00a0<\/strong><\/p>\n<ul>\n<li>USDCAD climbs around 140 pips to 1.2613, the highest level since mid-February.<\/li>\n<li>Canada\u2019s trade deficit reaches a near-record $2.45 billion on slumping oil prices.<\/li>\n<\/ul>\n<p>The USDCAD climbed to three-week highs on Friday, as the US dollar strengthened across the board following upbeat nonfarm payrolls, while Canada posted a bigger than expected trade deficit on the heels of declining energy exports.<\/p>\n<p>The USDCAD advanced around 140 pips to 1.2622, its highest level since February 12. The pair faces near-term resistance at\u00a01.2689. Immediate support is located at 1.2467.<\/p>\n<p><a href=\"http:\/\/www.fxtimes.com\/wp-content\/uploads\/2015\/03\/Screenshot-137.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-199154\" src=\"http:\/\/www.fxtimes.com\/wp-content\/uploads\/2015\/03\/Screenshot-137.png\" alt=\"Screenshot (137)\" width=\"744\" height=\"484\" \/><\/a><\/p>\n<p>The US dollar enjoyed broad support on Friday, with the dollar index climbing to fresh 12-year highs. In economic data, US nonfarm payrolls rose 295,000 in February, while joblessness declined from 5.7 percent to 5.5 percent, a six-and-a-half year low.<\/p><div id=\"inves-4256972605\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>North of the border, Canada\u2019s trade deficit unexpectedly widened in January, as energy exports, mainly crude oil and bitumen, plunged 14.7 percent. The trade deficit widened from $1 billion to $2.45 billion, Statistics Canada reported in Ottawa. Excluding crude oil and crude bitumen, exports increased 0.2 percent, official data showed.<\/p>\n<p>Lower energy prices weighed not only on exports, but export prices, which fell 1.5 percent. The unprecedented retreat in crude prices over the last eight months is expected to weigh on the Canadian economy in the first half of 2015, resulting in below-trend growth. The province of Alberta \u2013 home to Canada\u2019s oil and gas sector \u2013 is expected to slide into a mild recession.<\/p>\n<p>Canada\u2019s economy appeared to have weathered the storm in the fourth quarter of last year, growing 2.4 percent annually.<\/p>\n<p>Separately, Canadian building permits plunged in January, as non-residential construction intentions declined sharply. Building permits fell 12.9 percent from December, three times steeper than forecast. The value of non-residential construction intentions declined 22.8 percent, while the value of residential permits dropped 7 percent, official data showed.<\/p>\n<p>The stars are aligning for a bigger rally for the USDCAD. A hot US jobs market, plunging energy prices and a sluggish Canadian economy will likely send the Canadian dollar to 75 cents US in the short-run.<\/p>\n<p><strong>By\u00a0<a href=\"http:\/\/fxtimes.com\/\" target=\"_blank\">fxtimes.com<\/a><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By\u00a0fxtimes.com Technical Bias: Bullish Highlights:\u00a0 USDCAD climbs around 140 pips to 1.2613, the highest level since mid-February. Canada\u2019s trade deficit reaches a near-record $2.45 billion on slumping oil prices. The USDCAD climbed to three-week highs on Friday, as the US dollar strengthened across the board following upbeat nonfarm payrolls, while Canada posted a bigger than [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-69166","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/69166","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=69166"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/69166\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=69166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=69166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=69166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}