USD/CAD eases from tops, still comfortable above 1.3300 handle post-Canadian data


  • A slump in Oil prices weighed on Loonie and drove the pair higher in the last hour.
  • Canadian retail sales data bettered market expectations and capped further gains.
  • The focus now shifts to Powell’s speech amid the incoming trade-related headlines.

The USD/CAD pair maintained its bid tone through the early North-American session, albeit quickly retreated few pips from daily tops post-Canadian retail sales.
 
The commodity-linked currency - Loonie was weighed down by a sudden intraday drop in Crude Oil prices, triggered by news that China will slap tariffs also on US oil in addition to retaliatory tariffs on another $75 billion worth of US goods.

Upbeat Canadian data/softer USD caps

The uptick, however, remained capped below the 1.3345 supply zone following the release of better-than-expected Canadian monthly retail sales data, showing that core sales unexpected increased by 0.9% in June as compared to a flat reading expected.
 
This coupled with a modest intraday US Dollar pullback, weighed down by St Louis Fed President James Bullard's dovish comments, further collaborated towards keeping a lid on any strong follow-through up-move for the major.
 
With investors still digesting the latest trade-related developments, the focus now shifts to the highly anticipated speech by the Fed Chair Jerome Powell at Jackson Hole Symposium, which will be looked upon for some meaningful directional impetus.

Technical levels to watch

USD/CAD

Overview
Today last price 1.3332
Today Daily Change 0.0027
Today Daily Change % 0.20
Today daily open 1.3305
 
Trends
Daily SMA20 1.3247
Daily SMA50 1.3184
Daily SMA100 1.3298
Daily SMA200 1.3314
Levels
Previous Daily High 1.3316
Previous Daily Low 1.3275
Previous Weekly High 1.334
Previous Weekly Low 1.3184
Previous Monthly High 1.3215
Previous Monthly Low 1.3016
Daily Fibonacci 38.2% 1.3301
Daily Fibonacci 61.8% 1.3291
Daily Pivot Point S1 1.3281
Daily Pivot Point S2 1.3257
Daily Pivot Point S3 1.324
Daily Pivot Point R1 1.3322
Daily Pivot Point R2 1.334
Daily Pivot Point R3 1.3364

 

 

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

EUR/USD: bears pressuring, 1.0980 critical support

Risk aversion took over the FX board on Friday, weighing on high-yielding assets. The EUR/USD pair, finished the week just a handful of pips above the 1.1000 figure amid mounting tensions between the US and China.

EUR/USD News

GBP/USD: at risk of losing more ground in the short-term

The GBP/USD pair advanced up to 1.2581, it highest in over two months, but was unable to sustain gains, ending the week around 1.2470. Cable could keep losing ground on a break below 1.2460, the immediate support.

GBP/USD News

USD/JPY: at a bring of breaking lower

Fresh risk-off flows resulted in the USD/JPY pair trimming weekly gains on Friday, ending the week at 107.55. The pair barely holding above a critical Fibonacci support at 107.45. Japan’s National inflation steady at lows in August.

USD/JPY News

Gold climbs further beyond $1500 mark, lacks follow-through

Gold edged higher for the second consecutive session on Friday, albeit remained well within a familiar trading range held over the past two weeks or so.

Gold News

Top 3 price prediction Bitcoin, Ripple, Ethereum: Ethereum points to the Moon as Bitcoin takes a break

ETH/USD exceeds $220 and is bidding to lead the market. Bitcoin sets a bear trap and recaptures $10,000. XRP stalls between technical levels and fails to consolidate $0.30.

Read more

Forex MAJORS

Cryptocurrencies

Signatures