- Disappointing Canadian retail sales data provided a minor boost.
- Positive Oil prices underpinned Loonie and capped further gains.
- A modest pickup in the US Dollar demand remained supportive.
The USD/CAD pair built on its steady intraday up-move and jumped back closer to the 1.3300 round-figure mark in reaction to disappointing Canadian retail sales figures.
Data released this Friday showed that the total value of sales at the retail level in Canada recorded a growth of 0.4% in July as against 0.6% expected. Adding to this, the previous month's figure was also revised lower to show a decline of 0.1% as compared to a flat reading reported previously.
Dismal Canadian data partly offset by bullish Oil prices
Meanwhile, core retail sales - excluding automobiles - witnessed a sharp deceleration during the reported month and came in to show a fall of 0.1%, down from the previous month's strong growth of 0.9% and also missing consensus estimates for slower growth of 0.3%.
Against the backdrop of a modest pickup in the US Dollar demand, the data provided a minor lift to the major, albeit bullish Oil prices extended some support to the commodity-linked currency - Loonie and kept a lid on any strong follow-through up-move for the major.
Given that the pair has repeatedly failed to make it through the very important 200-day SMA barrier, it will be prudent to wait for a sustained move beyond the 1.3300 handle before positioning for any further near-term appreciating move amid empty US economic docket.
Technical levels to watch
|Today last price||1.3272|
|Today Daily Change||0.0013|
|Today Daily Change %||0.10|
|Today daily open||1.3259|
|Previous Daily High||1.331|
|Previous Daily Low||1.3242|
|Previous Weekly High||1.329|
|Previous Weekly Low||1.3134|
|Previous Monthly High||1.3346|
|Previous Monthly Low||1.3178|
|Daily Fibonacci 38.2%||1.3267|
|Daily Fibonacci 61.8%||1.3284|
|Daily Pivot Point S1||1.323|
|Daily Pivot Point S2||1.3202|
|Daily Pivot Point S3||1.3162|
|Daily Pivot Point R1||1.3298|
|Daily Pivot Point R2||1.3338|
|Daily Pivot Point R3||1.3367|
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