Market News & Analysis

USDCAD support continues to hold

Apr 18, 2019 | Forex News

Lower oil price helped to stabilize the USDCAD overnight as it threatened to break its longer-term support level seen at 1.3295. After dipping below on positive Canadian CPI and trade balance data buyers returned to maintain the base. 

While this level remains in play historical behaviour suggests a move back to the range top could be on the cards if USDCAD buyer momentum can be maintained. On the news front, Canada and the U.S. report retail sales data at 10:30 pm AEST, Canadian core retail sales (EXP 0.2%) and retail sales data (EXP 0.4%). U.S retail sales data (exp 0.9%), core retail sales data (EXP 0.7%). Depending on what’s released, we could see the range low tested or broken or a new breakout above the range high. Could be an interesting U.S session coming up for the USDCAD. 

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