USD/CAD jumps to 1.3300 neighbourhood on weaker Canadian retail sales

  • 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
Daily SMA20 1.3253
Daily SMA50 1.3218
Daily SMA100 1.327
Daily SMA200 1.3311
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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