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COZfx: USD/CAD trading highs after Canadian retail data

Discussion in 'Analisa Fundamental' started by harryer, May 23, 2013.

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  1. harryer

    harryer Member

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    COZforex: The US dollar rise to its highest level in 10 weeks against the Canadian dollar on Wednesday after official data showed that Canadian retail sales were flat in March.

    USD/CAD hit 1.0330 amid early US trade, the pair’s highest since March 6; the pair subsequently consolidated at 1.0317, advancing 0.49%. COZforex senior currency strategist Ian • Quigley said, USD/CAD is predicted to find support at 1.0234, and a drop through could take it to the next support line of 1.0197. Meanwhile, the pair is predicted to find its first resistance at 1.0316, and a rose through could take it to the next resistance line of 1.0361.

    Statistics Canada said retail sales were flat in March, disappointing expectations for a 0.2% gain, after rising by a downwardly revised 0.7% in February. Core retail sales, which exclude automobile sales, fell by 0.2% in March, defying expectations for a 0.2% increase. Core sales rose by 0.7% in February.

    Investors were awaiting Federal Reserve Chairman Ben Bernanke’s testimony on the economy and the release of minutes from the Fed’s May meeting later in the day. The dollar had been boosted in recent sessions by expectations that the US central bank would begin to scale back its asset purchase program this year.

    However, investors trimmed bets on the dollar after St. Louis Fed President James Bullard said Tuesday the Fed should continue its bond buying and make adjustments as the economy changes.

    Canadian investors are awaiting retail sales data from the nation which would show a slowdown in March.

    (COZ forex UK)
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