The USD/CAD digested Wednesday's gains first as response to negative trade and commerce data held by Mr. Poloz, second by positive U.S data yesterday on Philly index. The greenback surged yesterday to 98.50, causing the USD/CAD to rally from 1.3006 ( Wednesday low), to 1.3257 (251 pip) .
Although the crude oil is still above 50 handle, it was not enough for the US dollar to loosen it's grip on it's neighbor Canadian dollar, currently trading at 1.3257 intraday, closing to last week highs.
Today, Canadian dollar awaits the Core retail sales which will determine if the U.S dollar continues it's domination or give some chance for Canadian dollar to breathe.
Trend: bullish
Key levels to watch: Daily Pp 1.3274
First resistance : R1 1.3277 , R2 1.3329, R3 1.3374, R4 1.3402
First Support: S1 1.3172, S2 1.3129, S3 1.3081, S4 1.3008
Remark: The preferred trend is bullish but an opposite shift should be taken into consideration due for today's Canadian retails sales at 1:30 PM which will give a better picture for the USD/CAD trend.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.