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21 Mar 2013
Forex: USD/CAD bounces off lows to 1.0216/18 after Canadian retail data
FXstreet.com (Barcelona) - The USD/CAD has managed to bounce off a session low of 1.0199 Thursday on the heels of economic data out of the US and Canada. Having bottomed out in this region, the cross has managed to pare a part of its losses to recover nearly 18 pips to settle at 1.0216/18 in these moments.
In the United States, Initial Jobless Claims (March 17) came in at 336K, against expectations of 342K, and compared with 334K previously. In addition, Continuing Jobless Claims (March 10) were reported at 3.053M, exceeding estimates of 3.050M, and relative to 3.024M previously. In Canada, Retail Sales (MoM) rose +1.0% in January, beating projections of +0.9%. Finally, Retail Sales ex-autos (MoM) experienced a gain of +0.5% in January, vs. +0.3% expected.
The pair is sustaining a fall of -0.40% on the day thus far. Consistent with the calculations of Research Analyst Gareth Berry at UBS, “We reiterate a bullish stance on the USD/CAD – the latest strength reinforces the broader bullish theme. A break above 1.0296 would open 1.0366 and then 1.0447, while support is at 1.0214 ahead of 1.0181.”
In the United States, Initial Jobless Claims (March 17) came in at 336K, against expectations of 342K, and compared with 334K previously. In addition, Continuing Jobless Claims (March 10) were reported at 3.053M, exceeding estimates of 3.050M, and relative to 3.024M previously. In Canada, Retail Sales (MoM) rose +1.0% in January, beating projections of +0.9%. Finally, Retail Sales ex-autos (MoM) experienced a gain of +0.5% in January, vs. +0.3% expected.
The pair is sustaining a fall of -0.40% on the day thus far. Consistent with the calculations of Research Analyst Gareth Berry at UBS, “We reiterate a bullish stance on the USD/CAD – the latest strength reinforces the broader bullish theme. A break above 1.0296 would open 1.0366 and then 1.0447, while support is at 1.0214 ahead of 1.0181.”