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USD/CAD shoots to 1.3960 on US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The Canadian dollar is accelerating its decline vs. the dollar today, with USD/CAD regaining the 1.3960 area so far.

    USD/CAD stronger post-data

    The pair pushed higher after US Retail Sales have surprised markets to the upside, expanding at a monthly pace 0.2% during January vs. 0.1% expected. Sales without the Auto sector have matched estimates gaining 0.1% while Retail Control rose 0.6%, surpassing consensus and reverting December’s 0.3% drop.

    Further data saw both Exports and Imports Prices coming in above initial forecasts, while the Reuters/Michigan index is expected later.

    USD/CAD significant levels

    As of writing the pair is up 0.38% at 1.3946 and a surpass of 1.4077 (20-day sma) would expose 1.4103 (high Feb.3) and then 1.4327 (high Jan.26). On the other hand, the next support aligns at 1.3635 (low Feb.4) ahead of 1.3593 (100-day sma) and finally 1.3189 (200-day sma).
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