USD/CAD stretches higher above 1.32 on upbeat US sales data

  • Retail sales in the US rose more than expected in August.
  • US Dollar Index recovered a small part of its daily losses.
  • WTI clings to modest daily gains above $55.

After spending the first half of the day moving sideways in a tight range above the 1.23 mark, the USD/CAD pair gained traction in the last hour and rose to a fresh weekly high of 1.3242. As of writing, the pair was trading at 1.3232, adding 0.17% on a daily basis.

Today's data from the US revealed that retail sales in August rose 0.4% on a monthly basis to beat the market expectation of +0.2%. With the initial market reaction, the US Dollar Index, which tested the 98 handle earlier today, staged a modest rebound and is now at 98.15, still losing 0.21% on the day.

WTI recovers on trade optimism

On the other hand, crude oil seems to have shaken off the heavy selling pressure that caused the barrel of West Texas Intermediate (WTI) to lose more than 5% in the last three days. Upbeat market sentiment on hopes of the US and China moving toward a trade deal next month in Washington seems to be providing a boost to the WTI and helping the commodity-related Loonie limit its losses. The WTI was last seen trading at $55.35, rising 0.5% on the day.

Later in the session, the University of Michigan's Consumer Confidence Index will be the last significant macroeconomic data release of the week.

Technical levels to watch for


Today last price 1.3234
Today Daily Change 0.0022
Today Daily Change % 0.17
Today daily open 1.3212
Daily SMA20 1.3263
Daily SMA50 1.32
Daily SMA100 1.3279
Daily SMA200 1.3314
Previous Daily High 1.3222
Previous Daily Low 1.3176
Previous Weekly High 1.3384
Previous Weekly Low 1.3158
Previous Monthly High 1.3346
Previous Monthly Low 1.3178
Daily Fibonacci 38.2% 1.3204
Daily Fibonacci 61.8% 1.3194
Daily Pivot Point S1 1.3185
Daily Pivot Point S2 1.3158
Daily Pivot Point S3 1.314
Daily Pivot Point R1 1.323
Daily Pivot Point R2 1.3248
Daily Pivot Point R3 1.3275




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