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The USD/CAD pair trimmed a part of its early gains to seven-week tops, albeit still managed to hold with modest daily gains above the 1.3200 mark post-US/Canadian macro data.
According to the data released this Friday, the Canadian economy recorded a 0.1% growth in November as compared to a 0.1% contraction recorded in the previous month and consensus estimates pointing to a flat reading.
Meanwhile, the Canadian industrial production for December showed a growth of 0.1% as against a flat reading expected. Adding to this, the Raw Materials Price Index (RMPI) for December also bettered consensus estimates.
This comes on the back of a modest recovery in crude oil prices, up around 0.5% for the day, which eventually underpinned demand for the commodity-linked currency – the loonie – and exerted some pressure on the pair.
From the US, the mixed releases of Personal Income/Spending data and Core PCE Price Index failed to impress the US dollar bulls or assist the pair to built on its intraday move beyond the very important 200-day SMA.
Hence, it will be prudent to wait for some strong follow-through buying before confirming a near-term bullish breakout and positioning for any further near-term appreciating move.
