USD/CAD rises toward 1.2750 after US and Canadian data, before FOMC minutes


  • 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.

Short-term levels

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.

Technical levels

USD/CAD

Overview
Today last price 1.2734
Today Daily Change 0.0051
Today Daily Change % 0.40
Today daily open 1.2683
 
Trends
Daily SMA20 1.2737
Daily SMA50 1.275
Daily SMA100 1.2931
Daily SMA200 1.3191
 
Levels
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

 

 

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