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22 Feb 2013
Forex: USD/CAD surges after Canadian CPI, retail sales
The loonie weakened further against the greenback after the latest string of Canadian data showed consumer prices grew less than expected in January, while retail sales declined 2.1% in December.
USD/CAD broke above recent highs at the 1.0200 area and stretched toward a fresh 7-month high of 1.0230 on the data. At time of writing, USD/CAD is trading around 1.0220, recording a 0.4% gain since opening.
As for technical levels, above 1.0230 next resistances could be found at 1.0250 (High Jul 12) and 1.0300 (psychological level). On the flip side, supports are now seen at 1.0160 (intraday lows), 1.0140 (100-hour SMA) and 1.0100 (psychological level).
USD/CAD broke above recent highs at the 1.0200 area and stretched toward a fresh 7-month high of 1.0230 on the data. At time of writing, USD/CAD is trading around 1.0220, recording a 0.4% gain since opening.
As for technical levels, above 1.0230 next resistances could be found at 1.0250 (High Jul 12) and 1.0300 (psychological level). On the flip side, supports are now seen at 1.0160 (intraday lows), 1.0140 (100-hour SMA) and 1.0100 (psychological level).