23 Jan 2014
USD/CAD eased to 1.1110 on data
FXstreet.com (Edinburgh) - The Canadian dollar gained a bit of traction on Thursday, dragging the USD/CAD to 1.1110 after Retail Sales exceeded estimates during November.
USD/CAD a bit weaker
Headline Retail Sales in the Canadian economy expanded 0.6% on a monthly basis during November vs. 0.2% expected, while the Core print followed suit, up 0.4% vs. 0.3% forecasted. A flat reading from US Initial Claims plus a weaker Activity index from the Chicago Fed have added to the (temporary) USD softness.
USD/CAD key levels
As of writing the pair is up 0.20% at 1.1111 with the next hurdle at 1.1174 (2014 high Jan.24) ahead of 1.1200 (psychological level). On the downside, a breach of 1.1084 (low Jan.23) would aim for 1.0942 (low Jan.21) and finally 1.0930 (low Jan.20).
USD/CAD a bit weaker
Headline Retail Sales in the Canadian economy expanded 0.6% on a monthly basis during November vs. 0.2% expected, while the Core print followed suit, up 0.4% vs. 0.3% forecasted. A flat reading from US Initial Claims plus a weaker Activity index from the Chicago Fed have added to the (temporary) USD softness.
USD/CAD key levels
As of writing the pair is up 0.20% at 1.1111 with the next hurdle at 1.1174 (2014 high Jan.24) ahead of 1.1200 (psychological level). On the downside, a breach of 1.1084 (low Jan.23) would aim for 1.0942 (low Jan.21) and finally 1.0930 (low Jan.20).