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COZfx: USD/CAD little changed near 5-month highs

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COZfx: USD/CAD little changed near 5-month highs

Postby dwang » Fri Nov 29, 2013 2:20 am

COZforex: The US dollar was almost unchanged near 5 months highs against the Canadian dollar in thin trade on Thursday, with markets in the US closed for the Thanksgiving Day holiday.

USD/CAD dipped 0.04% to 1.0588, holding just below Wednesday’s high of 1.0601, the loftiest level since July 5. COZforex senior currency strategist Ian • Quigley said, USD/CAD is predicted to find support at 1.0543, and a drop through could take it to the next support line of 1.0498. Meanwhile, the pair is predicted to find its first resistance at 1.0618, and a rise through could take it to the next resistance line of 1.0648.

The pair showed little reaction after data on Thursday showed that Canada’s current account deficit narrowed less-than-expected in the third quarter. Statistics Canada said the country’s current account deficit narrowed to CAD15.5 billion from a deficit of CAD15.9 billion in the previous quarter. Economists had forecast a deficit of CAD14 billion.

A separate report showed that Canada's raw materials price index declined more-than-expected in October, declining for the second consecutive month. The raw materials purchase price index dropped by a seasonally adjusted 2.3% last month, worse than expectations for a 2% decline.

The industrial product price index inched down by a seasonally adjusted 0.3%, compared to expectations for a 1% decline, after falling 0.2% in September.

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