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Canadian Dollar: Hopes on Local Retail Sales

ByFxGrow
Published 22/02/2017, 11:46 pm
Updated 10/03/2019, 12:30 am

USDCAD
USD/CAD rallied for the third trading session in a row as US dollar imposed the strong tone again this week. The pair is on the path of clocking yesterday's high at 1.3164 as US Dollar Index peeks again to 101.64 today. Crude oil bearish forces with -$0.83 added additional losses for the loonie and USD/CAD surged +54 pips since Wednesday's opening session.

CAD Fundamentals :

Core Retail Sales today at 1:30 PM GMT

USD Fundamentals :

1- FOMC meeting minutes tonight at 7:00 PM GMT

2- Unemployment claims tomorrow at 1:30 PM GMT.

Technical levels to watch:

Trend : Bearish Sideways

Daily Pp : 1.3135

Resistance levels : R1 1.3177, R2 1.3248, R3 1.3304

Support levels : S1 1.3128, S2 1.3075, S3 1.3014

Remark : Look forward for Canadian data today but the main focus will be on FOMC meeting tonight and US unemployment claims tomorrow as US Dollar is dominant. Also Crude Oil levels tend to have an impact on USD/CAD considering Canada is a major oil producer. Closing above R2 level, the cable will shift to bullish trend.

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

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