USD/CAD finds cushion slightly below 1.3700 ahead of US PMI and Canadian Retail Sales


  • USD/CAD witnesses buying interest below 1.3700 as the US Dollar rises further.
  • The Fed is expected to begin lowering interest rates in September.
  • Investors see the Canadian Retail Sales coming out of contraction trajectory.

The USD/CAD pair rebounds strongly after sliding slightly below the crucial support of 1.3700 in Friday’s European session. The Loonie asset recovers as the US Dollar (USD) exhibits strength on prospects that the Federal Reserve (Fed) will lag behind its peers in an attempt to commence its policy-easing process.

Market sentiment remains uncertain as global PMIs have underperformed against expectations. S&P 500 futures have posted some losses in the London session. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, jumps to six-week high near 105.90.

Currently, financial markets expect that the Fed will start reducing interest rates from the September. On the contrary, various central banks including the Bank of Canada (BoC) has already pivoted to policy normalization.

Meanwhile, investors await the preliminary United States (US) S&P Global PMI data for June, which will be published at 13:45 GMT. The Manufacturing and Services PMI are expected to have expanded at a slower pace. The PMI data will indicate the economic health of the economy, which investors expect is off from a strong outlook amid deepening consequences of higher interest rates by the Fed.

On the Loonie front, the Canadian Dollar will dance to the tunes of the Canada’s Retail Sales data for April, which will be published at 12:30 GMT. On month, the Retail Sales are expected to have risen by 0.7% after contracting straight for three months. The Retail Sales data is a measure to consumer spending, which provide cues about the inflation outlook.

USD/CAD

Overview
Today last price 1.3696
Today Daily Change 0.0007
Today Daily Change % 0.05
Today daily open 1.3689
 
Trends
Daily SMA20 1.3698
Daily SMA50 1.3698
Daily SMA100 1.3615
Daily SMA200 1.3584
 
Levels
Previous Daily High 1.3721
Previous Daily Low 1.3682
Previous Weekly High 1.3792
Previous Weekly Low 1.368
Previous Monthly High 1.3783
Previous Monthly Low 1.359
Daily Fibonacci 38.2% 1.3697
Daily Fibonacci 61.8% 1.3706
Daily Pivot Point S1 1.3674
Daily Pivot Point S2 1.3659
Daily Pivot Point S3 1.3635
Daily Pivot Point R1 1.3713
Daily Pivot Point R2 1.3736
Daily Pivot Point R3 1.3751

 

 

Share: Feed news

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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

XM
Account
7.2
Tools
9.2
Service
9.4
Trading
9.0
Trust
7.0
Experience
8.4
Read review
Moneta Markets
Account
7.4
Tools
6.6
Service
8.0
Trading
6.6
Trust
5.2
Experience
9.2
Read review
Trading Pro
Account
7.2
Tools
5.2
Service
6.6
Trading
8.0
Trust
5.0
Experience
7.0
Read review
Pepperstone
Account
8.2
Tools
8.2
Service
7.4
Trading
9.0
Trust
8.8
Experience
9.0
Read review
XM
Read review
Moneta Markets
Read review
Trading Pro
Read review
Pepperstone
Read review
Trading Pro
Read review
Pepperstone
Read review
XM
Read review
Moneta Markets
Read review
Trading Pro
Account
7.2
Tools
5.2
Service
6.6
Trading
8.0
Trust
5.0
Experience
7.0
Read review
Pepperstone
Account
8.2
Tools
8.2
Service
7.4
Trading
9.0
Trust
8.8
Experience
9.0
Read review
XM
Account
7.2
Tools
9.2
Service
9.4
Trading
9.0
Trust
7.0
Experience
8.4
Read review
Moneta Markets
Account
7.4
Tools
6.6
Service
8.0
Trading
6.6
Trust
5.2
Experience
9.2
Read review

Recommended content


Recommended content

Editors’ Picks

Gold hovers around all-time highs near $3,250

Gold hovers around all-time highs near $3,250

 

Gold is holding steady near the $3,250 mark, fuelled by robust safe-haven demand, trade war concerns, and a softer-than-expected US inflation gauge. The US Dollar keeps trading with heavy losses around three-year lows.

Gold News
EUR/USD retreats towards 1.1300 as Wall Street shrugs off trade war headlines

EUR/USD retreats towards 1.1300 as Wall Street shrugs off trade war headlines

The EUR/USD pair retreated further from its recent multi-month peak at 1.1473 and trades around the 1.1300 mark. Wall Street manages to advance ahead of the weekly close, despite escalating tensions between Washington and Beijing and mounting fears of a US recession. Profit-taking ahead of the close also weighs on the pair. 

EUR/USD News
GBP/USD trims gains, recedes to the 1.3050 zone

GBP/USD trims gains, recedes to the 1.3050 zone

GBP/USD now gives away part of the earlier advance to fresh highs near 1.3150. Meanwhile, the US Dollar remains offered amid escalating China-US trade tensions, recession fears in the US, and softer-than-expected US Producer Price data.

GBP/USD News
Bitcoin, Ethereum, Dogecoin and Cardano stabilze –  Why crypto is in limbo

Bitcoin, Ethereum, Dogecoin and Cardano stabilze –  Why crypto is in limbo

Bitcoin, Ethereum, Dogecoin and Cardano stabilize on Friday as crypto market capitalization steadies around $2.69 trillion. Crypto traders are recovering from the swing in token prices and the Monday bloodbath. 

Read more
Is a recession looming?

Is a recession looming?

Wall Street skyrockets after Trump announces tariff delay. But gains remain limited as Trade War with China continues. Recession odds have eased, but investors remain fearful. The worst may not be over, deeper market wounds still possible.

Read more
The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

Read More

Forex MAJORS

Cryptocurrencies

Signatures

Best Brokers of 2025