USDCAD: Bullish Ahead Of Canada Retail Sales Data

USD against USDCAD-65989

The USDCAD maintained a bullish momentum yesterday, bottomed at 1.3035 levels, and topped at 13151 levels. Now the focus will turn to 1.3151 levels. The USDCAD will have to break and hold above 1.3151 levels on a daily closing basis to push the market for further upside gains. If seen it will target 1.3207 levels. A halt is likely, it may top around here. However; Above 1.3207 aims 1.3275 level, further upside, resistance stands at the 1.3350 level.

Alternatively, a failure to break and hold above 1.3151 level could mean a return to 1.3100/1.3035 levels. Below 1.3035 will reverse risk to the downside to 1.2925 level. further down, support comes at the 1.2820 level.

In conclusion: The USDCAD sees upside threats above 1.3035 levels.

Key data/events which affect USDCAD:
  • The Bank of Canada maintained its key overnight interest rate at 1.75% as expected on Wednesday, but opened the door to a possible rate cut if the recent slowdown in Canadian economic growth continues. This development has pushed the USDCAD, from 1.3035 levels to 1.3151 levels…
  • Canda will release data on Core Retail Sales tomorrow at 13:30 GMT. The forecast is to rise by 0.4%, from -0.5% a month earlier. A reading below 0.4% is likely to push the pair to the upside to 1.3200 levels. On the other hand, a reading above 0.4% will suggest a possible reversal from 1.3151 or (1.3200 If reached by tomorrow). Anyway: buying the pair around 1.3100 is recommended…

USDCAD: Bullish Ahead Of Canada Retail Sales Data