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

USD/CAD

Overview
Today last price 1.3234
Today Daily Change 0.0022
Today Daily Change % 0.17
Today daily open 1.3212
 
Trends
Daily SMA20 1.3263
Daily SMA50 1.32
Daily SMA100 1.3279
Daily SMA200 1.3314
Levels
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

 

 

 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

AUD/USD holds steady near 0.6250 ahead of RBA Minutes

AUD/USD holds steady near 0.6250 ahead of RBA Minutes

The AUD/USD pair trades on a flat note around 0.6250 during the early Asian session on Monday. Traders brace for the Reserve Bank of Australia Minutes released on Tuesday for some insight into the interest rate outlook.

AUD/USD News
USD/JPY consolidates around 156.50 area; bullish bias remains

USD/JPY consolidates around 156.50 area; bullish bias remains

USD/JPY holds steady around the mid-156.00s at the start of a new week and for now, seems to have stalled a modest pullback from the 158.00 neighborhood, or over a five-month top touched on Friday. Doubts over when the BoJ could hike rates again and a positive risk tone undermine the safe-haven JPY. 

USD/JPY News
Gold price bulls seem non-committed around $2,620 amid mixed cues

Gold price bulls seem non-committed around $2,620 amid mixed cues

Gold price struggles to capitalize on last week's goodish bounce from a one-month low and oscillates in a range during the Asian session on Monday. Geopolitical risks and trade war fears support the safe-haven XAU/USD. Meanwhile, the Fed's hawkish shift acts as a tailwind for the elevated US bond yields and a bullish USD, capping the non-yielding yellow metal.

Gold News
Week ahead: No festive cheer for the markets after hawkish Fed

Week ahead: No festive cheer for the markets after hawkish Fed

US and Japanese data in focus as markets wind down for Christmas. Gold and stocks bruised by Fed, but can the US dollar extend its gains? Risk of volatility amid thin trading and Treasury auctions.

Read more
Bank of England stays on hold, but a dovish front is building

Bank of England stays on hold, but a dovish front is building

Bank of England rates were maintained at 4.75% today, in line with expectations. However, the 6-3 vote split sent a moderately dovish signal to markets, prompting some dovish repricing and a weaker pound. We remain more dovish than market pricing for 2025.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures