23 Jan 2014
USD/CAD off highs, around 1.1140
FXstreet.com (Edinburgh) - The weakness surrounding the Canadian dollar continues to intensify on Thursday, lifting the USD/CAD to fresh multi-year highs near 1.1175.
USD/CAD weaker post-BoC, eyes on Retail Sales
Despite yesterday’s BoC statement was not dovish per se, later comments by Governor Poloz prompted an exodus from the CAD, lifting the par beyond the 1.11 key level. Today’s Retail Sales release will be in the spotlight for CAD traders, with consensus expecting a gain of 0.2% in the headline print and 0.3% in the Core reading. Shaun Osborne, Chief FX Strategist at TD Securities, argued, “From here, the high 1.10s/low 1.11s will look attractive for USD buyers… Our technical target remains 1.1265 but as we push on through the 1.12 area, the market will likely start to think of 1.15/1.16 as reachable from a technical perspective”.
USD/CAD key levels
As of writing the pair is up 0.42% at 1.1134 with the next hurdle at 1.1174 (2014 high Jan.24) ahead of 1.1200 (psychological level). On the downside, a breach of 1.1084 (low Jan.23) would aim for 1.0942 (low Jan.21) and finally 1.0930 (low Jan.20).
USD/CAD weaker post-BoC, eyes on Retail Sales
Despite yesterday’s BoC statement was not dovish per se, later comments by Governor Poloz prompted an exodus from the CAD, lifting the par beyond the 1.11 key level. Today’s Retail Sales release will be in the spotlight for CAD traders, with consensus expecting a gain of 0.2% in the headline print and 0.3% in the Core reading. Shaun Osborne, Chief FX Strategist at TD Securities, argued, “From here, the high 1.10s/low 1.11s will look attractive for USD buyers… Our technical target remains 1.1265 but as we push on through the 1.12 area, the market will likely start to think of 1.15/1.16 as reachable from a technical perspective”.
USD/CAD key levels
As of writing the pair is up 0.42% at 1.1134 with the next hurdle at 1.1174 (2014 high Jan.24) ahead of 1.1200 (psychological level). On the downside, a breach of 1.1084 (low Jan.23) would aim for 1.0942 (low Jan.21) and finally 1.0930 (low Jan.20).