USDCAD Stops at 100-day MA after the Rejection at 1.33

USDCAD trades 0.13% higher at 1.3276 after the pair rejected for one more time at 1.33. USDCAD jumped to 1.33 after worse than expected retail data from Canada which came in at 0.4% below the market consensus of 0.6%. Crude oil Canada main export commodity trading 0.77% higher at 58.65 just to offset the negative impact of the retail sales disappointment.

USDCAD momentum is neutral as the pair trades between the 100 and 200-day moving averages. On the upside, immediate resistance stands at 1.33 the daily high while more offers will emerge at 1.3344 the high from September 4th. On the downside where traders had shifted their attention now,  the pair formed a strong support zone at 1.3134 which tested successfully for three days in a row in early September. First support for the pair stands at 1.3265 the 100-day moving average  while more bids will emerge at 1.3255 daily low; a break below may encourage more bears to join the action, something that is possible to lead USDCAD towards the next resistance territory, defined by the 50-day moving average at 1.3220.Don’t miss a beat! Follow us on Telegram and Twitter.

Download our latest quarterly market outlook for our longer-term trade ideas.

Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.