Forex: USD/CAD collapses below 1.0230 on refinery plans

After attempting to recover from 1.0250 and testing the 1.0275 level, the USD/CAD has been rejected at this price and currently it is falling hard to break below March 8th lows at 1.0230. The Canadian dollar is being fueled by news from a new refinery in the west coast that should propelled the Canadian national account by $1.6 billion per month.

The USD/CAD is currently trading around 1.0220, lowest level since February 28th. With a 0.50% daily losses, the pair is strongly bearish according to the FXstreet.com Forex Studies. The CCI, MACD and Momentum indicators are bearish in the 1-hour chart.

Below the 1.0225, next supports come 1.0215 and 1.0200. Resistances are at 1.0250, 1.0280 and 1.0295.

Mar 14, 2013

Forex Flash: US growth expected to accelerate in 2014 – Goldman Sachs

According to the Economics Research Team at Goldman Sachs, “We expect below-trend annual growth of +1.8% in 2013 and an acceleration to +2.9% in 2014. Growth should then remain slightly above that rate in 2015 and 2016. On an annualized sequential basis, we expect a rebound to +2.3% in 2013Q1 and a slowdown to +1.5% and +2% in 2013Q2 and Q3, before a pick-up to +2.5% in the last quarter of the year.”

Forex: EUR/USD regains 1.3000

The euro staged an impressive rally during the American session, recovering from yet another yearly low of 1.2910 back above 1.3000 without a clear catalyst other than better risk appetite among investors combined with thick orders.