USD/CAD drops to daily lows near 1.2100 after US and Canada data


  • USD/CAD extends its daily slide in the early American session.
  • US Dollar Index stays below 90.50 after uninspiring Retail Sales data.
  • Manufacturing Sales in Canada increased sharply in March.

The USD/CAD pair came under renewed bearish pressure in the early trading hours of the American session and dropped to a daily low of 1.2098. As of writing, the pair was losing 0.5% on the day at 1.2100.

CAD capitalizes on upbeat Canadian data

The data from the US showed on Friday that Retail Sales in April stayed unchanged at $619.9 billion in April. This reading missed the market expectation for an increase of 1% and made it difficult for the greenback to gather strength against its rivals. At the moment, the US Dollar Index is down 0.3% at 90.45.

Additionally, Industrial Production in the US increased by 0.7% in April, falling short of analysts' estimate of 1%.

On the other hand, Statistics Canada reported that Manufacturing Sales and Wholesale Sales in Canada rose by 3.5% and 2.8%, respectively, in March. Moreover, the barrel of West Texas Intermediate (WTI) is up more than 1% on the day at $64.50, helping the commodity-related loonie to continue to find demand.

Later in the session, the University of Michigan's Consumer Sentiment Index will be the last data release of the week from the US.

Technical levels to watch for

USD/CAD

Overview
Today last price 1.2103
Today Daily Change -0.0060
Today Daily Change % -0.49
Today daily open 1.2163
 
Trends
Daily SMA20 1.2323
Daily SMA50 1.2462
Daily SMA100 1.2588
Daily SMA200 1.285
 
Levels
Previous Daily High 1.2203
Previous Daily Low 1.2104
Previous Weekly High 1.2352
Previous Weekly Low 1.2122
Previous Monthly High 1.2654
Previous Monthly Low 1.2266
Daily Fibonacci 38.2% 1.2165
Daily Fibonacci 61.8% 1.2142
Daily Pivot Point S1 1.211
Daily Pivot Point S2 1.2058
Daily Pivot Point S3 1.2011
Daily Pivot Point R1 1.2209
Daily Pivot Point R2 1.2256
Daily Pivot Point R3 1.2308

 

 

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