USD/CAD breached 1.33 post-CAD data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - USD/CAD is now trading on the defensive camp after today’s releases in Canada, currently navigating session lows around 1.3280.

    USD/CAD weaker on data

    Spot extends its downside after mixed results in the Canadian docket have shown September’s headline Retail Sales contracting 0.5% inter-month; Sales excluding the Autos sector have followed suit, down 0.5% MoM, both prints missing expectations.

    Further data showed inflation figures gauged by the CPI advancing 0.1% on a monthly basis in October and 1.0% over the last twelve months. BoC’s Core consumer prices have surprised to the upside, rising 2.1% YoY and 0.3% MoM.

    USD/CAD levels to consider

    As of writing, the pair is down 0.06% at 1.3289 with the next support at 1.3217 (38.2% Fibo of 1.3459-1.2827) ahead of 1.3187 (55-day sma) and then 1.3127 (100-day sma). On the other hand, a breakout of 1.3373 (high Nov.16) would aim for 1.3400 (psychological level) and then 1.3458 (2015 high Sep.29).
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