COZfx: USD/CAD weekly outlook

[kiriss5678]

COZforex: The US dollar declined to 3-week lows against the Canadian dollar on Friday

after data showing that US inflation is contained indicated that the way
remains clear for the Federal Reserve to continue its quantitative easing
program.

USD/CAD hit a session low of 1.0181 on Friday; the pair’s lowest since February 22,

before settling at 1.0194, down 0.26% for the day and 0.72% lower for the week.
COZforex senior currency strategist Ian • Quigley said, USD/CAD is predicted to
find its first resistance at 1.0263, and a increase through could take it to
the next resistance line of 1.0305. Meanwhile, the pair is predicted to find
support at 1.0196, and a drop through could take it to the next support line of
1.0171.

In economic news, Statistics Canada reported that the new housing price index

(NHPI) in Canada rise 0.1% in January, in line with the market expectations and
compared to a 0.20% rose reported in the previous month. Meantime, Canadian
industries operated at 80.7% of their production capacity in the Q42012, down
slightly from the revised 81.1% in the Q32012.

Sentiment on the dollar was also hit after data showed that the University of Michigan’s

consumer sentiment index dropped to 71.8 in March, the lowest level since
December 2011, from a final reading of 77.6 in February.

In the week ahead investors will be focusing on Wednesday’s Federal Reserve policy

statement, during speculation over an earlier-than-expected end to the bank’s
asset purchase program. Fed Chairman Ben Bernanke is to give a press conference
after the release of the policy statement.

Investors will also be awaiting Canadian data on retail sales on Thursday.

COZ forex UK

[Tanzil Al Banna]

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