USDCAD Hits Two Week Lows After Uninspiring U.S. Data
USDCAD trades 0.14% lower at 1.3248, as the pair correction from two month-highs continues for fourth consecutive trading session. Retail sales data from USA failed to impress USD investors. The U.S. retail sales climbed 0.3% in December in line with expectations, matching the November reading.
The United States Import Price Index came in at 0.2%, topping the expectations of -0.2% in January. The Export Price Index came in at -0.6% below market consensus of -0.1%. The Michigan Consumer Sentiment Index came in at 100.9 topping the expectations of 99.5 in February. The business inventories for December came in at 0.1% in line with expectations and above the previous reading of -0.2%.
The series of economic data put some pressure to the USD. On the other hand Canadian dollar getting a hand from higher crude oil prices today.
The USDCAD made earlier two week lows as the technical correction from recent highs continue. The USDCAD outlook is bullish for the short term despite this week pullback.
On the downside, immediate support for the USDACD pair stands at 1.3235 the daily low. If the pair breaks below, the next support level will be met at 1.3221 the 200-day moving average. If the correction continues then the next target will be met at 1.3182 the 100-day moving average.
On the other side now, bulls will face the first hurdle at 1.3269 the daily top. In case of a breakout, the next target on the upside is at 1.3296 the high from February 12th. The three month highs at 1.3329 will provide the next supply zone.