How will the pair move today? Stay informed with the latest 12 January USDCAD Technical Forecast. Dig in!
12 January, GKFX– The USD/CAD pair caught some fresh bids near the key 1.2500 psychological mark and refreshed session tops in the last hour, albeit quickly retreated few pips thereafter.
The pair stalled overnight rejection slide from 100-day SMA strong barrier and regained some fresh traction on Friday, despite persistent selling bias surrounding the US Dollar.
A modest pull-back in oil prices, with WTI crude oil slipping away from multi-year highs has been one of the key factors weighing on the commodity-linked currency - Loonie.
This coupled with a goodish pickup in the US Treasury bond yields and the ongoing NAFTA concerns remain supportive of the pair's up-move through the early European session.
It, however, remains to be seen if the pair is able to build on the up-move or once again fails to break through the 1.2590 hurdle as traders look forward to important US macro releases for fresh impetus on the last trading day of the week.
Today's US economic docket features the release of consumer inflation figures and monthly retail sales data, with a positive surprise expected to provide some immediate respite for the USD bulls.
12 January USDCAD Technical Forecast
Momentum beyond 1.2555-60 area might continue to confront fresh supply near the 1.2590-1.2600 region, above which the pair is likely to accelerate the up-move towards its net hurdle near 1.2670 level.
On the flip side, the 1.2500 handle remains an immediate strong support to defend, which, if broken decisively, might turn the pair vulnerable to head back towards 1.2465 intermediate support en-route the 1.2400 handle.
This article “12 January USDCAD Technical Forecast” was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.