Forex: USD/CAD: Jumps to new high

on May 14, 2013

After 10.00 GMT the price crossed above the 1.0119 level and rallied to the new high at 1.0168. The present hourly candle rallied to 1.0168, ten pips more than previously. The present bar has also formed a wick, and this price action is starting to look like the Friday’s temporary top. The price is residing around the 50 percent Fibo retrace from 1.0280 to 1.0014 at 1.0152. If the pair goes higher it would be targeting 1.0200 first and the highs between 1.0280 and 1.0300 from the middle of April next. On the other side the 1.0000 and 1.0014 levels are key support for USD/CAD.

There are no economic reports on the calendar today from Canada. Manufacturing sales data (monthly basis) will be released on Wednesday and the core CPI (monthly) on Friday. From Canada’s largest trading counterpart, the U.S., at 12.30 GMT the NFIB small business index report showed 2.2 points more than the expected 89.9. The previous period had presented 89.5. At 13.30 GMT the import prices report came out and met expectations with a -0.5 percent change. Last time the report was announced it showed a -0.2 percent change. The key day for news trading appears to be Thursday with building permits, core CPI and unemployment claims reports scheduled to be released.

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