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U.S. Dollar Rallies Against Canadian Dollar
USD/CAD is currently trying to settle above the resistance level at 1.2850, while the U.S. dollar is gaining ground against a broad basket of currencies.
The U.S. Dollar Index has recently made an attempt to settle above the resistance at 97.45, but lost momentum and pulled back closer to the support level at 97.25. In case the U.S. Dollar Index declines below this level, it will move towards the next support at 97, which will be bearish for USD/CAD.
Today, U.S. released the second estimate of the fourth-quarter GDP Growth Rate report, which indicated that GDP increased by 7%, in line with the analyst consensus. Initial Jobless Claims report indicated that 232,000 Americans filed for unemployment benefits in a week, compared to analyst consensus of 235,000. New Home Sales declined by 4.5% month-over-month in January, while analysts expected that they would decline by 8.6%.
While the reports were interesting, foreign market traders focused on the war in Ukraine, which triggered a flight to safety. In case the escalation of the conflict continues, the U.S. dollar may get more support.
USD/CAD is currently trying to settle above the resistance level at 1.2850, while the U.S. dollar is gaining ground against a broad basket of currencies.
The U.S. Dollar Index has recently made an attempt to settle above the resistance at 97.45, but lost momentum and pulled back closer to the support level at 97.25. In case the U.S. Dollar Index declines below this level, it will move towards the next support at 97, which will be bearish for USD/CAD.
Today, U.S. released the second estimate of the fourth-quarter GDP Growth Rate report, which indicated that GDP increased by 7%, in line with the analyst consensus. Initial Jobless Claims report indicated that 232,000 Americans filed for unemployment benefits in a week, compared to analyst consensus of 235,000. New Home Sales declined by 4.5% month-over-month in January, while analysts expected that they would decline by 8.6%.
While the reports were interesting, foreign market traders focused on the war in Ukraine, which triggered a flight to safety. In case the escalation of the conflict continues, the U.S. dollar may get more support.
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