Wednesday, October 20, 2021
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Wednesday, October 20, 2021

USDCAD Seesaws After Weak Canadian GDP Data

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USDCAD is hovering around the unchanged level as investors receiving negative economic news from the USA and Canada. Canadian dollar pressured by weak GDP data for February. The GDP came in at 2.1% below the expectations of 2.2%. The January reading was at 1.8%. Canada’s economy is expected to contract by 9% in March and 2.6% in Q1. The Canada Industrial Product Price registered in at -0.9%, topping the forecasts of -1.7% in March, while the Raw Material Price Index came in at -15.6%, well below the forecasts of -13.6%. 

From the States, we have a massive slump in personal spending, which fell 7.5% in March marking the biggest monthly fall in 60 years. Market expectations were for a drop of 5%; the previous reading was at 0.2%. All we know, when the U.S. consumer has a problem, then the global economy will feel the pain. 

The U.S. weekly jobless claims came in at 3.84 million below the forecasts of 4 million; now the total jobless claims has surpassed 30 million in the last 6 weeks. The Continuing Jobless Claims came in at 17.992M below the forecasts of 19.238M on April 17. The Chicago Purchasing Managers’ Index registered in at 35.4 the lowest reading since 2009, and below the forecasts of 38 in April. 

USDCAD Support and Resistance

The USDCAD is 0.09% higher at 1.3891 after the pair rejected at the 50-day moving average resistance at 1.3914 while on the downside the pair stalled at 1.3850. The rejection today at the 50-day moving average gives bears the upper hand and a continuation of the recent correction from 1.4250 is intact. The technical outlook for the short term is bearish below the 50-day moving average. The lng term picture remains bullish as long as the pair trades above the 100 and 200-day moving average.

On the upside, the first resistance for USDCAD stands at 1.3914 the daily high. If the pair breaks higher, the next resistance area will be met at 1.4004 the high from yesterday’s trading session. If the pair keeps the bullish momentum the next hurdle stands at 1.4112 the high from April 27.

On the other hand, minor support for USDCAD stands at 1.3850 the daily low. If the pair breaks below 1.3850, the next support will be met at 1.3726 the low from March 16 trading session. Next level to watch on the downside is at 1.3679 the low from March 11.

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