USD/CAD slips to session low, Canadian retail sales eyed for fresh impetus

   •  A subdued USD demand fails to assist build on the overnight up-move.
   •  Bullish oil prices underpin Loonie and further collaborate towards capping.
   •  Traders now eye Canadian retail sales/Fedspeaks for some fresh impetus.

The USD/CAD pair struggled to build on the overnight goodish up-move and traded with a mild negative bias on the last trading day of the week. 

A combination of factors assisted the pair to catch some aggressive bids on Thursday and extend the previous session's post-FOMC minutes rebound from the very important 200-day SMA and snap four consecutive days of losing streak. 

The BoC Governor Stephen Poloz sounded cautious in his latest remarks on Thursday, saying that the limitations of monetary policy mean that it cannot solve all economic problems, and exerted some downward pressure on the Canadian Dollar. 

This coupled with a modest pullback in crude oil prices, following the release of the weekly EIA report that showed a larger than expected buildup in US inventories, further undermined demand for the commodity-linked currency - Loonie and provided an additional boost. 

With oil prices regaining some positive traction on Friday, a subdued US Dollar price action, primarily on the back of a weaker tone around the US Treasury bond yields, kept a lid on any strong follow-through, rather prompted some selling at higher levels.

The downside, however, is likely to remain limited as market participants now look forward to the release of Canadian monthly retail sales data, which coupled with speeches by influential FOMC members, might produce some meaningful trading opportunities during the North-American session.

Technical levels to watch


    Today Last Price: 1.322
    Today Daily change %: -0.01%
    Today Daily Open: 1.3221
    Daily SMA20: 1.3216
    Daily SMA50: 1.335
    Daily SMA100: 1.3259
    Daily SMA200: 1.3156
    Previous Daily High: 1.3234
    Previous Daily Low: 1.3162
    Previous Weekly High: 1.3341
    Previous Weekly Low: 1.3196
    Previous Monthly High: 1.3664
    Previous Monthly Low: 1.3118
    Daily Fibonacci 38.2%: 1.3206
    Daily Fibonacci 61.8%: 1.3189
    Daily Pivot Point S1: 1.3178
    Daily Pivot Point S2: 1.3134
    Daily Pivot Point S3: 1.3106
    Daily Pivot Point R1: 1.3249
    Daily Pivot Point R2: 1.3277
    Daily Pivot Point R3: 1.3321


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.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD falls below 1.1850 as US consumer sentiment beats

EUR/USD is trading under1.1850, off the previous levels as US consumer sentiment beat estimates with 78.9 points. The Fed refrained from adding more stimulus, supporting the dollar earlier in the week. Investors are eyeing fiscal stimulus talks.


GBP/USD falls as the EU reportedly objects Johnson's bill

GBP/USD is trading around 1.2950, off the highs. According to reports, the EU remains opposed to UK PM Johnson's controversial bill, which violates the Brexit accord. 


XAU/USD struggles to move back above 100-hour SMA

Gold regained some positive traction on the last trading day of the week and recovered a part of the previous day's losses to over one-week lows. The commodity held on to its intraday gains and traded above the $1950 level through the mid-European session.

Gold News

Ethereum hits Bitcoin's bid to lead the market

Bitcoin risks dominance after the strong rise of Ethereum. Technical indicators show some significant discrepancies keeping the stress on the board. Sentiment levels are improving and bordering on optimism.

Read more

WTI: Clings to 50-DMA above $41, focus on Friday’s close

WTI (futures on Nymex) consolidates the three-winning streak above $41 mark on Friday, as the bulls await a fresh catalyst for the next push higher.

Oil News