USDCAD Rockets Higher, More Gains Likely

USDCAD Rockets Higher, More Gains Likely

By: Oliver Miller | Where To Trade | On:11-02-2015 12:24
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Key Highlights

  • US dollar traded higher against the US dollar and broke the 1.2600 resistance area.

  • France current account released by the Banque de France registered a deficit of €-1.9B, compared to the last revised trade surplus of €0.3B.

  • Portugal Consumer Price Index released by Statistics Portugal registered a decline of 1.4% in January whereas the market was expecting it to decline by 0.8% only.

  • Portugal Consumer Price Index in terms of the yearly change registered a decline of 0.4% in January 2015, compared with same month of the last year.

  • US MBA Mortgage Applications released by the Mortgage Bankers Association registered a decline of 9.0% whereas the last reading was of 1.3%.

  • US MBA Purchase Index declined from the previous reading of 187.2 to 175.1.

  • US Mortgage Market Index also declined from 551.2 to 501.8.

  • US Mortgage Refinance Index fell from the last reading of 2,669.9 to 2,395.8.

  • Brazilian Retail Sales released today, which increased by 0.3% in December 2014 whereas the market was expecting it to be around 2.6%.

US MBA Mortgage Applications

Earlier during the NY session, the US MBA Mortgage Applications report was released by the Mortgage Bankers Association. The outcome was not in line with the expectation, as the US MBA Mortgage Applications declined by 9% whereas the last time there was an increase of 1.3%. The US MBA Purchase Index also declined from the previous reading of 187.2 to 175.1. There was not much reaction from the US dollar after the release.

London Session Recap

Today, the London session was mostly quiet as there was no major risk event lined up in the Euro area and the UK. However, there were a couple of low risk events scheduled, including the France current account data and the Portugal Consumer Price Index. The first one was the France current account, which was released by the Banque de France. The outcome was not on the positive side. The France current account registered a deficit of €-1.9B in December 2014. The last reading was revised with trade surplus of €0.3B. The report mentioned that the trade deficit in goods rose because a rebound volume of oil imports, very low in November.

The next release was the Portugal Consumer Price Index, which registered a decline of 0.4% in January 2015, compared with the preceding month. The monthly change was in line with the expectation. However, when we consider the yearly change, then Portugal Consumer Price Index registered a decline of 0.4% in January 2015, compared with same month of the last year whereas the market was expecting -0.8%. The report mentioned that the Portuguese Harmonized Index of Consumer Prices in terms of the yearly change was -0.4%, which was above the rate estimated by Eurostat for the Euro area.

 

Technically, the EURUSD pair fell towards the 1.1280 support area where it found support and managed to bounce back. On the upside, initial resistance is around the 1.1320-40 level which might act as a barrier for the pair.  

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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