USD/CAD breaks below 1.3300 post-Retail Sales

Pablo Piovano FXStreet

USD/CAD has intensified its daily downside on Tuesday after Canadian Retail Sales have surprised markets to the upside in January.

USD/CAD weaker on upbeat data

CAD met further buying pressure after headline Retail Sales expanded at a monthly 2.2%during January, while sales stripping the Autos sector rose 1.7% MoM. Both prints have left behind December’s 0.4% and 0.5% drops, respectively.

Back to the US docket, Q4 Current Account deficit shrunk to nearly $112.5 billion from $116.0 billion, bettering expectations for more than $128.0 billion deficit.

Spot plummeted to 3-day lows in the wake of the results amidst the persistent offered bias around the buck and ahead of speeches by Kansas City Fed E.George (2019 voter, hawkish) and Cleveland Fed L.Mester (2018 voter, hawkish).

USD/CAD significant levels

As of writing the pair is down 0.45% at 3289 facing the immediate support at 1.3285 (low Mar.21) followed by 1.3274 (low Mar.16) and finally 1.3214 (55-day sma). On the other hand, a break above 1.3379 (high Mar.17) would expose 1.3496 (high Mar.14) and finally 1.3536 (2017 high Mar.9).

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.

EUR/USD tests nine-day EMA support near 1.1850

EUR/USD remains in the negative territory for the fourth successive session, trading around 1.1870 during the Asian hours on Friday. The 14-day Relative Strength Index momentum indicator at 56 stays above the midline, confirming steady momentum. RSI has eased but remains above 50, indicating momentum remains constructive for the bulls.

GBP/USD consolidates around 1.3600 vs. USD; looks to US CPI for fresh impetus

The GBP/USD pair remains on the defensive through the Asian session on Friday, though it lacks bearish conviction and holds above the 1.3600 mark as traders await the release of the US consumer inflation figures before placing directional bets.

Gold: Will US CPI data trigger a range breakout?

Gold retakes $5,000 early Friday amid a turnaround from weekly lows as US CPI data loom. The US Dollar consolidates weekly losses as AI concerns-driven risk-off mood stalls downside. Technically, Gold appears primed for a big range breakout, with risks skewed toward a bullish break.

Bitcoin, Ethereum and Ripple stay weak as bearish momentum persists

Bitcoin, Ethereum and Ripple remain under pressure, extending losses of over 5%, 6% and 4%, respectively, so far this week. BTC trades below $67,000 while ETH and XRP correct after facing rejection around key levels. With bearish momentum persisting and prices staying weak, the top three cryptocurrencies continue to show no clear signs of a sustained recovery.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Aster Price Forecast: Demand sparks on Binance Wallet partnership for on-chain perpetuals

Aster is up roughly 9% so far on Thursday, hinting at the breakout of a crucial resistance level. Aster partners up with Binance wallet for the second season of the on-chain perpetuals challenge.