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23 Apr 2013
Forex: USD/CAD falls to 1.0258/64 after Canadian retail sales
FXstreet.com (Barcelona) - The USD/CAD has had an active day Tuesday, bolstered by the release of Canadian economic data and earlier figures across Europe and China that have left the pair behaving in a volatile manner. In these moments, the cross has settled in positive territory at 1.0258/64, still up +0.02% despite shedding 20 pips.
Mataf.net analysts point to resistances at 1.0279, onto 1.0301, and finally 1.0316. On the decline, a break below 1.0242 will enable short-term supports at 1.0227, and finally 1.0205.
In Canada, Retail Sales (MoM) rose +0.8% in February, against expectations of +0.3%. Moreover, Retail Sales ex Autos (MoM) experienced a climb of +0.7% in February, vs. a projection calling for +0.5%. Later today within the hour, the BoC’s Mark Carney is expected to make a speech.
“The USD/CAD is trading in a sideway range after the sharp rise earlier, the sideway trading is within a technical formation in the Symmetrical Triangle Pattern. There is an intraday technical contradiction on the pair; RSI tends to the downside while the stochastic is showing a positive crossover.” notes the ICN.com analyst team.
Mataf.net analysts point to resistances at 1.0279, onto 1.0301, and finally 1.0316. On the decline, a break below 1.0242 will enable short-term supports at 1.0227, and finally 1.0205.
In Canada, Retail Sales (MoM) rose +0.8% in February, against expectations of +0.3%. Moreover, Retail Sales ex Autos (MoM) experienced a climb of +0.7% in February, vs. a projection calling for +0.5%. Later today within the hour, the BoC’s Mark Carney is expected to make a speech.
“The USD/CAD is trading in a sideway range after the sharp rise earlier, the sideway trading is within a technical formation in the Symmetrical Triangle Pattern. There is an intraday technical contradiction on the pair; RSI tends to the downside while the stochastic is showing a positive crossover.” notes the ICN.com analyst team.