Canadian Dollar is regaining lost ground after upbeat Canadian GDP data.
US Dollar looks weak despite good US Jobless claims, upward revision of Q4 GDP. The focus is now on Friday’s PCE Prices Index and Fed Powell’s speech. The Canadian Dollar is trading higher for the fourth consecutive day on Thursday, yet with price action contained within previous ranges. Canada’s Gross Domestic Product bounced up strongly in January with preliminary estimations for February pointing to further economic expansion.
For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR /JPY . Technical analysis: The USD is under increasing bearish pressure, heading to 1.3520 The USD/CAD is under increasing bearish traction after having been rejected at 1.3610 on its way to 1.3520 support area. The RSI has dipped below the 50 level, which suggests that sellers are in control.
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