USD/CAD advances to upper half of weekly range, trades near 1.3370 ahead of retail sales data


  • Risk-off mood boosts demand for the greenback.
  • Oil trades below $64 following yesterday's drop.
  • Coming up: Retail sales data from the U.S. and Canada.

The USD/CAD dropped below the 1.33 mark on Wednesday before staging a strong recovery and closing the day virtually unchanged near mid-1.33s. With the risk-off flows starting to dominate the FX markets, once again, the greenback gathered strength and lifted the pair to a fresh daily high above the 1.3370 mark. At the moment, the pair is up 0.22% on a daily basis at 1.3372.

Today's disappointing Manufacturing PMI readings from Germany and the euro area revived concerns over the economic slowdown in the euro area becoming more severe and lasting longer than expected to trigger a flight-to-safety wave, which the greenback has been capitalizing on since the start of the year. At the moment, the US Dollar Index is up 0.3% on a daily basis at 97.30, reflecting the broad USD strength.

Later in the day, retail sales from Canada and the United States will be looked upon for fresh impetus. Earlier this week, the Bank of Canada's Business Outlook Survey pointed out to a weakening business sentiment and if today's data surprise to the downside, we could see the loonie facing a renewed selling pressure.

Additionally, weekly jobless claims data and preliminary Markit Manufacturing & Services PMI data from the U.S. and the ADP Employment report from Canada will be featured in the economic calendar as well.

Meanwhile, after closing the day in the negative territory amid the higher-than-expected in the U.S. crude oil inventories, the barrel of West Texas Intermediate is trading flat on the day near $63.70 today, making it tough for the commodity-sensitive loonie to grab investors' attention.

Technical levels to consider

USD/CAD

Overview
Today last price 1.3372
Today Daily Change 0.0030
Today Daily Change % 0.22
Today daily open 1.3342
 
Trends
Daily SMA20 1.3362
Daily SMA50 1.3315
Daily SMA100 1.3341
Daily SMA200 1.3209
Levels
Previous Daily High 1.3374
Previous Daily Low 1.3274
Previous Weekly High 1.3398
Previous Weekly Low 1.3284
Previous Monthly High 1.3469
Previous Monthly Low 1.313
Daily Fibonacci 38.2% 1.3312
Daily Fibonacci 61.8% 1.3336
Daily Pivot Point S1 1.3286
Daily Pivot Point S2 1.3231
Daily Pivot Point S3 1.3187
Daily Pivot Point R1 1.3385
Daily Pivot Point R2 1.3429
Daily Pivot Point R3 1.3484

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD: risk-off taking over on trade war escalation

The American Dollar sold off Friday, following US President Trump´s anger discharge on Twitter. The pair soared to 1.1152, its highest for the week, to finally settle at around 1.1140.

EUR/USD News

GBP/USD: Johnson and Tusk engaged in the blame-game

The GBP/USD pair flirted with the 1.2300 figure late Friday, ending the week with substantial gains around 1.2280, backed by Brexit hopes and the dollar’s broad weakness.

GBP/USD News

USD/JPY: lower lows at sight on the run to safety

The USD/JPY pair sunk Friday, following US President Trump’s fury with China and Fed’s head Powell, as the market rushed into safety. US yield curve inverted again, fears of recession rule.

USD/JPY News

Gold gains more than $30, eyes 2019 highs on Trump’s tweet

Gold continues to rise sharply amid concerns about the impact of the escalation in the US-China trade war. The demand for safe-haven assets emerged over the last hours, leading to a rally in the yellow metal. 

Gold News

Powell powerless against Trump's trade wars – US braces for recession, USD set to move

"The most powerful central banker in the world" – is how we and others characterize Fed Chair Jerome Powell. While that may be true – monetary policy is reaching its limits – especially in the face of a trade war.

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •