USD/CAD continues to move sideways below 1.2600 after US and Canada data

  • USD/CAD fluctuates in a tight range following Thursday's upsurge.
  • Retail Sales in US increased by 0.6% in June.
  • Wholesale Sales in Canada expanded at a softer pace than expected in May.

The USD/CAD pair rose sharply and touched its highest level since April 21 at 1.2615 on Thursday before going into a consolidation phase on Friday. As of writing, the pair was posting small daily losses at 1.2585. On a weekly basis, the pair remains on track to gain more than 100 pips.

USD preserves its strength ahead of the weekend

Falling crude oil prices and the broad-based USD strength fueled USD/CAD's upside in the second half of the week. After losing 2% on Thursday, the barrel of West Texas Intermediate (WTI) is clinging to modest recovery gains near $72, helping the CAD stay resilient against its American counterpart.

On the other hand, the US Dollar Index is rising 0.13% on the day at 92.68, not allowing USD/CAD to push lower. The data published by the US Census Bureau showed on Friday that Retail Sales in June increased by 0.6% on a monthly basis. This reading came in better than the market expectation for a decline of 0.4%.

Meanwhile, Statistics Canada reported that Wholesale Sales in Canada expanded by 0.5% in May, falling short of analysts' estimate for an increase of 1.1%.

Later in the session, the University of Michigan's preliminary Consumer Sentiment Index for July will be looked upon for fresh impetus.

Technical levels to watch for


Today last price 1.2588
Today Daily Change -0.0006
Today Daily Change % -0.05
Today daily open 1.2594
Daily SMA20 1.2414
Daily SMA50 1.2233
Daily SMA100 1.2375
Daily SMA200 1.263
Previous Daily High 1.2614
Previous Daily Low 1.2502
Previous Weekly High 1.259
Previous Weekly Low 1.2303
Previous Monthly High 1.2487
Previous Monthly Low 1.2007
Daily Fibonacci 38.2% 1.2571
Daily Fibonacci 61.8% 1.2544
Daily Pivot Point S1 1.2526
Daily Pivot Point S2 1.2458
Daily Pivot Point S3 1.2413
Daily Pivot Point R1 1.2638
Daily Pivot Point R2 1.2682
Daily Pivot Point R3 1.275



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