TenkoFX - Analytics


    425.75 7.25/10
    68% of positive reviews

    USD/CAD rises to 1.2850, focus on US retail sales and API report Haresh Menghani

    Despite of the latest up-move, led by a corrective move in crude oil prices, the USD/CAD traders remain indecisive as the pair continues to seesaw between losses and gains for third consecutive day.On the first trading day of the current trading week, the pair swung from session through level of 1.2750 to eventually reclaim 1.2800 handle. On Tuesday, the pair is trading absolutely flat, despite of softness in crude oil prices to $48.00 mark, as traders look forward to API's weekly report on crude stockpiles. Meanwhile, risk-off sentiment might continue to extend support for the US Dollar as investors brace to confront the release of US monthly retail sales data that could further provide some momentum play in the greenback. Technical levels to watchFrom current levels, 50-day SMA near 1.2865 region seems to act as immediate resistance, above which the pair seems to immediately dart towards 1.2900 handle ahead of the next major resistance near 1.2955-60 horizontal area.On the downside, weakness back below 1.2800 round figure mark might continue to find immediate support near Monday's low of 1.2750, which if broken seems to drag the pair back below 1.2700 handle, towards 1.2695-90 support area.

    To leave a comment you must or Join us

    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree