USD/CAD: Daily Technical Analysis For Jan 7, 2014

January 6, 2015

Fundamental Analysis:

The U.S. dollar edged up against its Canadian counterpart on Tuesday, approaching a more than five-year high as demand for the safe-haven greenback remained supported by growing euro zone concerns and dropping

Data showing that Canadian raw materials price inflation fell more-than-expected in November did nothing to help the loonie.

Raw materials prices dropped 5.8% in November, compared to expectations for a 5.0% decline, after a 4.3% slide in October, Statistics Canada reported on Tuesday.

Technical Analysis:

Intraday remains bullish as 21 and 55 EMA are crossed upward. SSRC and MACD oscillators also show more bullish momentum is expected. A break of 1.18414 resistance would bring further rise in the pair to 1.18946

Tomorrow investors would be taking a close look at the USD FOMC Meeting Minutes, Trade balance and ADP Non-Farm Employment Change.