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Forex - USD/CAD re-approaches 6-year peak after U.S. data

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Investing.com -

Investing.com - The U.S. dollar edged up against its Canadian counterpart on Friday, re-approaching Thursday's six-year peak after the release of upbeat U.S. second quarter growth data and as Federal Reserve Chair Janet Yellen signaled the possibility of a U.S. rate hike this year.

USD/CAD hit 1.3356 during early U.S. trade, the session high; the pair subsequently consolidated at 1.3323, edging up 0.12%.

The pair was likely to find support at 1.3229, the low of September 23 and resistance at 1.3417, Thursday's high.

The Bureau of Economic Analysis reported on Friday that U.S. gross domestic product increased by 3.9% in the last quarter, exceeding expectations for a 3.7% rise and up from a growth rate of 3.7% in the three months to March.

The data came a day after Federal Reserve Chair Janet Yellen said she expected the central bank to begin raising rates later in 2015, as long as inflation remained stable and the U.S. economy was strong enough to boost employment.

The loonie was higher against the euro, with EUR/CAD retreating 0.52% to 1.4869.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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