USD/CAD reverses daily losses after US data

USD/CAD rose sharply at the beginning of the New York session, reversing early losses, as the greenback gathered momentum on the back of supportive US data.

USD/CAD rose from a 10-day low of 1.2860 to a fresh daily high of 1.2925 as softer-than-expected US CPI data was offset by stronger-than-expected retail sales and industrial production.

USD/CAD technical levels

At time of writing, the pair is trading at 1.2923, 0.26% above its opening price, with next resistances seen at 1.2942 (50-day SMA), 1.2974 (100-day SMA) and 1.3000 (psychological level). On the other hand, supports could be faced at 1.2860 (Jul 15 low), 1.2830 (Jul 4 low) and 1.2800 (psychological level).