USD/CAD breaks below 1.3200 post-CA data

The pair tumbles to fresh daily lows in sub-1.3200 levels.
Canadian Retail Sales expanded 2.0% MoM in May.
Canadian CPI matched estimates, up 0.1% MoM in June.

Pablo Piovano FXStreet

The Canadian Dollar is now gathering extra pace, dragging USD/CAD to the area of fresh daily lows near 1.3170.

USD/CAD weaker on mixed data

Spot picked up extra downside pressure after Canadian Retail Sales surprised to the upside in May, expanding at a monthly 2.0% and largely reverting April’s 1.2% contraction.

In the same line, inflation figures tracked by the CPI showed consumer prices rose 0.1% inter-month during last month, falling in line with previous estimates. Additionally, prices stripping food and energy costs gained 0.1% MoM and 1.3% over the last twelve months.

CAD is also deriving support from the continuation of the up move in crude oil prices, with the barrel of West Texas Intermediate approaching the psychological $70.00 mark once again.

USD/CAD significant levels

As of writing the pair is losing 0.80% at 1.3163 facing the next support at 1.3107 (low Jul.16) seconded by 1.3063 (low Jul.13) and then 1.3948 (55-day sma). On the other hand, a break above 1.3291 (high Jul.19) would open the door to 1.3336 (high Jun.23) and finally 1.3387 (2018 high Jun.28).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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