USD/CAD steadies below 1.3200, on track to close week flat


  • USD/CAD is clinging to small daily gains near 1.3810 on Friday.
  • On a weekly basis, USD/CAD looks to close virtually unchanged.
  • Retail Sales in Canada rose less than expected in July.

The USD/CAD pair edged higher in the early American session bu lost its bullish momentum before reaching 1.3200. As of writing, the pair is up 0.12% n the day at 1.3181 and remains on track to end the week virtually unchanged.

Earlier in the day, the data published by Statistics Canada showed that Retail Sales in July rose by 0.6% to $52.9 billion. This reading fell short of the market expectation for an increase of 1% and put modest selling pressure on the loonie.

Meanwhile, the barrel of West Texas Intermediate (WTI) struggled to build on its weekly gains on Friday and made it difficult for the commodity-related CAD to outperform its rivals. At the moment, the WTI is flat on the day at 40.95.

On the other hand, the US Dollar Index (DXY) failed to break out of its consolidation channel in the absence of significant macroeconomic drivers. The only data from the US showed that the University of Michigan's Consumer Sentiment Index improved slightly in September.

USD/CAD technical outlook

Credit Suisse analysts argue that following USD/CAD's rejection from the crucial 1.3254/72 resistance area, the medium-term bias remains bearish. 

"We see support initially at 1.3137, beneath which would see a move back to 1.3128 and 1.3119. Beyond here would see a test of the back of the broken March downtrend at 1.3055," analysts said. "A close below here would further reinforce the view that the medium -term downtrend is taking back over. Support is seen next at 1.3047/38, removal of which would reinforce the bearish bias further for a fall to 1.2994, then medium -term support at 1.2952.” 

Additional levels to watch for

USD/CAD

Overview
Today last price 1.3175
Today Daily Change 0.0007
Today Daily Change % 0.05
Today daily open 1.3168
 
Trends
Daily SMA20 1.3142
Daily SMA50 1.3286
Daily SMA100 1.3508
Daily SMA200 1.352
 
Levels
Previous Daily High 1.3247
Previous Daily Low 1.315
Previous Weekly High 1.326
Previous Weekly Low 1.3053
Previous Monthly High 1.3451
Previous Monthly Low 1.302
Daily Fibonacci 38.2% 1.3187
Daily Fibonacci 61.8% 1.321
Daily Pivot Point S1 1.313
Daily Pivot Point S2 1.3091
Daily Pivot Point S3 1.3033
Daily Pivot Point R1 1.3227
Daily Pivot Point R2 1.3285
Daily Pivot Point R3 1.3324

 

 

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 barely moved by upbeat US Durable Goods Orders

EUR/USD is trading around 1.1830, recovering from Monday's fall-related to rising coronavirus cases, fading chances for US stimulus, and election uncertainty, one week to go. US Durable Goods Orders jumped 1.9% in September.

EUR/USD News

GBP/USD pressured toward 1.30 amid Brexit and covid uncertainty

GBP/USD is under pressure above 1.30 as rising UK COVID-19 cases, uncertainty about Brexit and PM Johnson's political problems weigh on sterling. 

GBP/USD News

XAU/USD pares early gains, turns flat near $1,900

For the third straight trading day on Tuesday, the XAU/USD pair is moving sideways above $1,900 as participants wait for the next significant catalyst. After climbing to a daily high of $1,910 earlier in the day, the pair lost its traction and was last seen trading virtually unchanged on the day at $1,902.

Gold News

Bitcoin breaks new yearly highs; the road to $15,000 is clear

Bitcoin breaks new yearly highs and hits $13,464. The road to $15,000 is clear as there are no major resistance levels above the current price.

Read more

WTI: Recovery remains capped below $39 ahead of API data

WTI attempts a recovery but not out of the woods yet, as sellers continue to lurk around $38.80 levels amid the cautious market mood. Saudi Oil Minister’s comments, USD retreats support oil. Coronavirus data and API crude stockpiles in focus.  

Oil News

Forex MAJORS

Cryptocurrencies

Signatures