- 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
|Today last price||1.3211|
|Today Daily Change||0.0013|
|Today Daily Change %||0.10|
|Today daily open||1.3198|
|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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