USD/CAD refreshes session tops on softer Canadian CPI; weaker US retail sales capped gains


  • Canadian headline CPI print fell short of market expectations.
  • Weaker US retail sales data failed to impress bullish traders.

The USD/CAD pair refreshed session tops, around the 1.3230 region post-US/Canadian macro data, albeit remained well within a broader trading range held since the beginning of this week.
 
Having shown some resilience below the 1.3200 round-figure mark, the pair managed to regain some positive traction on Wednesday and got a minor lift during the early North-American session following the release of softer-than-expected Canadian consumer inflation figures.

Softer Canadian CPI print offset by weaker US retail sales

In fact, the headline Canadian CPI came in to show a larger than expected drop of 0.4% in September and the yearly rate held steady at 1.9% as compared to an uptick to 2.1% expected, though a combination of factors kept a lid on any strong follow-through positive move.
 
The US Dollar remained depressed after the monthly retail sales figures fell short of consensus estimates and came in to show a fall of 0.3% as against a growth of 0.3% expected. This was accompanied by a weaker core retail sales and largely negated an upward revision of the previous month's readings.
 
Adding to this, a modest intraday pickup in Crude Oil prices, which tend to underpin demand for the commodity-linked currency – Loonie, further collaborated towards capping any meaningful upside for the major and warrant some caution before placing any aggressive bullish bets.

Technical levels to watch

USD/CAD

Overview
Today last price 1.3211
Today Daily Change 0.0013
Today Daily Change % 0.10
Today daily open 1.3198
 
Trends
Daily SMA20 1.3271
Daily SMA50 1.3266
Daily SMA100 1.3238
Daily SMA200 1.3287
 
Levels
Previous Daily High 1.3248
Previous Daily Low 1.3196
Previous Weekly High 1.3348
Previous Weekly Low 1.317
Previous Monthly High 1.3384
Previous Monthly Low 1.3134
Daily Fibonacci 38.2% 1.3215
Daily Fibonacci 61.8% 1.3228
Daily Pivot Point S1 1.318
Daily Pivot Point S2 1.3162
Daily Pivot Point S3 1.3128
Daily Pivot Point R1 1.3232
Daily Pivot Point R2 1.3266
Daily Pivot Point R3 1.3284

 

 

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