USD/CAD climbs toward 1.3560s and tests a major resistance trendline, post-US economic data – by christianborjon USDCAD Majors Macroeconomics Technical Analysis
The latest FOMC minutes suggested that the Fed will continue to hike rates.Rising oil prices capped the USD/CAD rally on Thursday.clash with a four-month-old downslope resistance trendline, gaining 0.15% daily. At the time of writing, the USD/CAD exchanges hands at around 1.3565.Wall Street continues to pare some of its losses.
In the meantime, the US Bureau of Labor Statistics revealed that unemployment claims for the week ending on February 18 came at 192K, below last week’s 194K and lower than the 200K expected. in the US expanded in the fourth quarter by 2.7%, shy of the first estimate of 2.9%. The strong growth in the 2022 second half compensated for the 1.1% economic decline during the first six months. Although there was a slowdown in economic activity during the last two months of 2022, it seems the economy has picked up the pace again at the beginning of 2023., which tracks the buck’s value vs. six currencies, advances 0.14% at 104.635, the reason for the latest uptick in the USD/CAD pair.
On the Canadian front, Average Weekly Earnings eased from 4% to December’s 3.4% YoY. It was the 19th month of growth, with 17 of the 20 sectors reporting gains. Given the backdrop, the USD/CAD might continue to edge higher. Divergence in monetary policy between the
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