- Canadian dollar down versus US dollar, still outperforming among commodity currencies.
- USD/CAD finds support above 1.2715, holds a bullish tone.
The USD/CAD rose to 1.2746, reaching the highest level in three days, after the beginning of the American session, amid a stronger US dollar following the release of US economic data. The pair then pulled back finding support around 1.2720.
US and Canadian data surpass expectations
Retail sales rose by almost 6% in January surpassing expectations (+0.8%) in the US. In another report, the Producer Price Index showed a larger-than-expected increase of 1.3% in January. The greenback gained momentum after the number and rose across the board, reaching fresh highs.
In Canada, the Consumer Price Index also showed higher-than-expected numbers for January (0.6% vs 0.4%). Those favored the loonie and kept gains in USD/CAD limited. Despite falling against the US dollar, the Loonie (CAD) is up versus AUD and NZD.
Form a technical perspective, the bias in USD/CAD continues to point to the upside. The immediate barrier is located at 1.2750. A consolidation above would add more strength to the dollar. The next resistance stands at 1.2765.
A decline under 1.2715 would alleviate the bullish pressure. The next support levels might be seen at 1.2685, followed by 1.2660.
|Today last price||1.2734|
|Today Daily Change||0.0051|
|Today Daily Change %||0.40|
|Today daily open||1.2683|
|Previous Daily High||1.2703|
|Previous Daily Low||1.261|
|Previous Weekly High||1.2783|
|Previous Weekly Low||1.2661|
|Previous Monthly High||1.2881|
|Previous Monthly Low||1.259|
|Daily Fibonacci 38.2%||1.2667|
|Daily Fibonacci 61.8%||1.2645|
|Daily Pivot Point S1||1.2627|
|Daily Pivot Point S2||1.2572|
|Daily Pivot Point S3||1.2535|
|Daily Pivot Point R1||1.272|
|Daily Pivot Point R2||1.2758|
|Daily Pivot Point R3||1.2813|
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.