23 Apr 2014
USD/CAD back to highs on data
FXStreet (Edinburgh) - The USD/CAD appreciated to the 1.1040/45 region despite domestic retail sales came in stronger than expected.
USD/CAD higher after data
Retail sales in the Canadian economy expanded 0.5% MoM and 0.6% excluding the automobile sector during February. However, January’s revision lower to 0.9% and 0.5% respectively seems to be weighing on the CAD, pushing spot to challenge session tops near 1.1050. In the opinion of Shaun Osborne, Chief FX Strategist at TD Securities, ”Having pierced through the 1.1019 retracement resistance yesterday suggests USDCAD could test 1.1065/70 (50% retracement resistance) in the near term.
USD/CAD significant levels
The pair is now up 0.11% at 1.1038 with the next resistance at 1.1052 (30-d MA) ahead of 1.1053 (55-d MA) and finally 1.1054 (daily clod top). On the downside, a break below 1.1009 (21-d MA) would expose 1.1000 (low Apr.22) and then 1.0983 (low Apr.17).
USD/CAD higher after data
Retail sales in the Canadian economy expanded 0.5% MoM and 0.6% excluding the automobile sector during February. However, January’s revision lower to 0.9% and 0.5% respectively seems to be weighing on the CAD, pushing spot to challenge session tops near 1.1050. In the opinion of Shaun Osborne, Chief FX Strategist at TD Securities, ”Having pierced through the 1.1019 retracement resistance yesterday suggests USDCAD could test 1.1065/70 (50% retracement resistance) in the near term.
USD/CAD significant levels
The pair is now up 0.11% at 1.1038 with the next resistance at 1.1052 (30-d MA) ahead of 1.1053 (55-d MA) and finally 1.1054 (daily clod top). On the downside, a break below 1.1009 (21-d MA) would expose 1.1000 (low Apr.22) and then 1.0983 (low Apr.17).