USD/CAD through 1.3300 post-data, fresh tops

Pablo Piovano FXStreet

The Canadian dollar is now depreciating at a faster pace vs. its American neighbour, lifting USD/CAD fresh tops above 1.3300 the figure.

USD/CAD higher on CAD data

Spot is now printing fresh multi-month tops near 1.3320 after Canadian inflation figures and retail sales have come in short of expectations today.

In fact, consumer prices tracked by the CPI rose 1.3% on a year to September and 0.1% inter-month vs. forecasts for 1.5% and 0.2%, respectively. Core prices measured by the Bank of Canada have matched expectations, up 1.8% YoY and 0.2% on a monthly basis.

Adding to CAD offered bias, Retail Sales in Canada have contracted at a monthly 0.1% during August vs. am estimated 0.3% gain.

USD/CAD significant levels

As of writing the pair is up 0.76% at 1.3326 with the next hurdle at 1.3575 (50% Fibo of the 2016 drop) seconded by 1.3839 (61.8% Fibo of the 2016 drop). On the other hand, a breakdown of 1.3050 (low Oct.18) would open the door to 1.3030 (100-day sma) and then 1.2996 (low Sep.22).

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.3078

0% Bullish
100% Bearish
0% Sideways

Bias Bearish

1 Month

Avg Forecast 1.3153

44% Bullish
44% Bearish
11% Sideways

Bias Neutral

1 Quarter

Avg Forecast 1.3236

55% Bullish
27% Bearish
18% Sideways

Bias Bullish

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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