USD/CAD advances to weekly highs near 1.3330 on upbeat US data


  • Retail sales in US rose more than expected in July.
  • WTI recovers to $55 to help CAD limit its losses.
  • US Dollar Index turns positive on the day near 98 on upbeat data.

The USD/CAD pair gained traction in the last hour and rose to its highest level in a week at 1.3331 as the Greenback gathered strength on the back of upbeat macroeconomic data releases. As of writing, the pair was up 0.08% on the day at 1.3328.

Strong US data help ease recession fears

The monthly data published by the US Census Bureau today showed that retail sales increased by 0.7% on a monthly basis in July to beat the market expectation of 0.3% Core retail sales, which excludes car sales, rose by 1% in the same period. Moreover, the NY Fed's Empire State Manufacturing Index improved to 4.8 in August from 4.3 in July and the Philly Fed's Manufacturing Index came in at 16.8 to surpass analysts' estimate of 10.

With the initial reaction to the data, the US Dollar Index climbed to a fresh session high at 98 and was last up 0.04% on the day at 97.98.

On the other hand, the ADP Research Institue today reported that private sector employment in Canada rose by 73,700 in July following June's reading of 30,400 and helped the Loonie limit its losses. Additionally, crude oil prices staged a persistent recovery in the last few hours with the barrel of West Texas Intermediate (WTI) turning flat on the day near $55 and helped the commodity-sensitive CAD remain resilient.

Later in the session, industrial production data from the US will be looked upon for fresh impetus.

Technical levels to watch for

USD/CAD

Overview
Today last price 1.3325
Today Daily Change 0.0005
Today Daily Change % 0.04
Today daily open 1.332
 
Trends
Daily SMA20 1.3188
Daily SMA50 1.3184
Daily SMA100 1.3301
Daily SMA200 1.3312
Levels
Previous Daily High 1.3326
Previous Daily Low 1.321
Previous Weekly High 1.3345
Previous Weekly Low 1.3178
Previous Monthly High 1.3215
Previous Monthly Low 1.3016
Daily Fibonacci 38.2% 1.3282
Daily Fibonacci 61.8% 1.3255
Daily Pivot Point S1 1.3244
Daily Pivot Point S2 1.317
Daily Pivot Point S3 1.3128
Daily Pivot Point R1 1.336
Daily Pivot Point R2 1.3401
Daily Pivot Point R3 1.3476

 

 

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

AUD/USD stays under pressure around 0.6830 while beginning the NFP day

AUD/USD declines to 0.6830 during the initial Friday morning in Asia. The quote stretches losses made on Thursday as the second-tier Aussie data becomes the latest disappointment.

AUD/USD News

USD/JPY steady at 200-DMA ahead of critical US NFP data

Steady below the 200-day moving average, Yen fell from 108.97 to 108.66 overnight as positive trade deal headlines flowed through the news wires and helped US stocks eke out further gains. Risk appetite was solid into the close on Wall Street overnight.

USD/JPY News

US Non-Farm Payrolls November Preview: Labor market continues to defy concerns

Non-farm payrolls are predicted to rise 180,000 in Nov following Oct’s 128,000 increase. The unemployment rate is expected to be unchanged at 3.6%. Hourly earnings will gain 0.3% in Nov after October’s 0.2% increase and annual earnings will be stable at 3.0%.

Read more

Gold: Modestly changed to $1475 as markets turn cautious ahead of US NFP

Gold fails to extend the previous day’s recovery while trading near $1475/76 amid Friday’s Asian session. That said, the yellow metal registers failures to close beyond 50-day EMA for the third consecutive day.

Gold News

GBP/USD: 1.3180 holds the key to further upside

GBP/USD traders modestly changed around 1.3160 by the press time of early Asian session on Friday. That said, overbought conditions of the 14-day Relative Strength Index (RSI) and the recent stop in north-run make buyers doubtful.

GBP/USD News

Forex MAJORS

Cryptocurrencies

Signatures