|02-13-2015, 12:30 PM||#1|
Canadian Dollar gains against its U.S. counterpart supported by fundamental and technical factors
The U.S. dollar dropped against its Canadian counterpart on Friday as we expected yesterday, currently trading close to 1.2500 levels affected by several fundamental and technical factors listed as follows:
First: The U.S. dollar was affected yesterday by the downbeat U.S. retail sales data, which showed a decline by 0.8% last month, worse than expectations for a drop of 0.4%. Retail sales recorded a contraction by 0.9 % in December.
Second: The rise in crude oil prices, whereas prices rose above $51,00 a barrel. The movement of oil prices affects the Canadian dollar due to the positive factors that connects them.
Third: The technical side that shows that resistance levels between 1.2640 and 1.2700 forces the USD/CAD pair to drop in light of the sharp overbought signals on the daily interval.
Generally, we can expect further bearishness if the USD/CAD pair broke the technical support level 1.2435, and sellers can support their futures below 1.2350 on the medium term.
The Canadian industrial sales data for December will be released today, and is expected to increase 0.9% from the previous reading of -1.4%.
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