23 Jul 2013
USD/CAD correcting from highs
FXstreet.com (Edinburgh) -The CAD is now picking up pace against its neighbour on Tuesday, extending the correction lower of the USD/CAD from session tops around 1.0350.
USD/CAD vs. domestic docket
Ahead in the day, Canadian Retail Sales are due, with market consensus expecting a monthly expansion of 0.3% and 0.2% stripping the automobile sector. Tim Davis, Global Strategist at TD Securities, commented, “We see upside risks to headline and ex-autos retail sales for May. Headline will be supported by strong gasoline sales, while auto sales were a marginal positive in May. For the ex-autos measure, clothing, furniture, and building materials related sales look likely to be strong. Stripping out price effects, real growth looks likely to post its third monthly increase, with industry-level GDP for May on track for a solid gain”.
USD/CAD levels to watch
As of writing, the pair is up 0.02% at 1.0336 with the next hurdle at 1.0355 (low Jul.17) ahead of 1.0368 (high Jul.22) and finally 1.0380 (Kijun line). On the downside, a breach of 1.0317 (61.8% of 1.0317-1.0609) would clear the way to 1.0300 (psychological level) and then 1.0288 (high Jun.19).
USD/CAD vs. domestic docket
Ahead in the day, Canadian Retail Sales are due, with market consensus expecting a monthly expansion of 0.3% and 0.2% stripping the automobile sector. Tim Davis, Global Strategist at TD Securities, commented, “We see upside risks to headline and ex-autos retail sales for May. Headline will be supported by strong gasoline sales, while auto sales were a marginal positive in May. For the ex-autos measure, clothing, furniture, and building materials related sales look likely to be strong. Stripping out price effects, real growth looks likely to post its third monthly increase, with industry-level GDP for May on track for a solid gain”.
USD/CAD levels to watch
As of writing, the pair is up 0.02% at 1.0336 with the next hurdle at 1.0355 (low Jul.17) ahead of 1.0368 (high Jul.22) and finally 1.0380 (Kijun line). On the downside, a breach of 1.0317 (61.8% of 1.0317-1.0609) would clear the way to 1.0300 (psychological level) and then 1.0288 (high Jun.19).