- The USD / CAD pair gained traction early in the US session.
- The US Dollar Index advances to fresh 9-day highs above 92.00.
- Retail sales in Canada fell for the second month in a row in January.
After spending the first half of the day in a relatively tight range below 1.2500, the pair USD / CAD It gained traction in the final hour and hit a daily high of 1.2526. At time of writing, the pair was up 0.27% on the day at 1.2518.
Hours earlier, data released by Statistics Canada showed that January retail sales fell 1.1% to $ 52.5 billion, marking the second consecutive monthly decline. Although this reading was slightly better than the market expectation, it did not allow the loonie to find demand.
Meanwhile, the West Texas Intermediate (WTI) barrel is struggling to make a convincing rally after breaking below $ 60 on Thursday and allowing the USD market valuation to continue to drive USD / CAD moves.
DXY breaks above 92.00
On the other hand, the US Dollar Index rose to a fresh 9-day high above 92.00 early in the US session and provided a boost to USD / CAD.
Although no significant US macroeconomic data was released on Friday, market sentiment soured after the US Federal Reserve announced that it will let the temporary leverage rule for large banks expire at the end of March. . With the Dow Jones Industrial Average and S&P 500 indices starting the day in negative territory, the DXY continued to rise and was last seen gaining 0.27% on the day at 92.10.
Technical levels
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