- USD / CAD continues to press against weekly lows.
- Loonie is unchanged after data from Canada.
The USD / CAD is trying to break away permanently from the 1.3050 zone and has just marked lows for the day at 1.3046. The pair is targeting this week’s lows at 1.3033.
Data from Canada showed a higher than expected rise in retail sales for September but this had no impact on the market. The loonie is up against the dollar but lags behind other commodity-linked currencies.
The decline in USD / CAD is due to a general weakness in the dollar. This occurs in a context of bounce in the bags. The main indices on Wall Street point to a negative open, but futures are far from the lows of hours ago.
Levels to consider
From a technical point of view, the USD / CAD maintains the bearish bias intact and is validating important weekly losses. The next support can be seen at 1.3030 / 35, which if given, would enable a test of the always important 1.30 zone.
In the opposite direction, immediate resistance is now at 1.3060, then 1.3100. Just a rally above 1.3120 would remove the very short-term bearish bias.
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