The U.S. dollar rose over 1% to fresh six-year highs against its U.S. counterpart on Friday, even as data showed that the U.S. economy grew at a slower pace than expected in the last quarter, as downbeat Canadian growth data weighed on the nation's currency.
USD/CAD hit 1.2750 during early U.S. trade, the pair's highest since March 2009; the pair subsequently consolidated at 1.2755, climbing 1.09%.
The pair was likely to find support at 1.2506, Thursday's low and resistance at 1.3063.
The Bureau of Economic Analysis reported on Friday that U.S. gross domestic product rose 2.6% in the last quarter of 2014, down from a previous estimate of 3.0% and from a growth rate of 5.0% in the three months to September.
The greenback remained supported after the Federal Reserve indicated this week that interest rates could start to rise around mid-year.
Meanwhile, a report by Statistics Canada showed that the country's GPD fell 0.2% in November, compared to expectations for a 0.1% downtick and after a 0.3% gain in October.
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USD/CAD hit 1.2750 during early U.S. trade, the pair's highest since March 2009; the pair subsequently consolidated at 1.2755, climbing 1.09%.
The pair was likely to find support at 1.2506, Thursday's low and resistance at 1.3063.
The Bureau of Economic Analysis reported on Friday that U.S. gross domestic product rose 2.6% in the last quarter of 2014, down from a previous estimate of 3.0% and from a growth rate of 5.0% in the three months to September.
The greenback remained supported after the Federal Reserve indicated this week that interest rates could start to rise around mid-year.
Meanwhile, a report by Statistics Canada showed that the country's GPD fell 0.2% in November, compared to expectations for a 0.1% downtick and after a 0.3% gain in October.
Read more Click here / www.trade4x.net
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