USD/CAD buyers reclaim the 200-DMA and the 1.2500 figure amid dismal US economic data By christianborjon USDCAD Majors Macroeconomics
In the meantime, the, a gauge of the greenback’s value against a basket of six peers, recovers some 0.15%, close to the 95.00 level. At the same time, Western Texas Intermediate , which price influences the oil-linked Canadian dollar, edges up 1.56%, trading at $83.16 per barrel, though failed to underpin the CAD. Before Wall Street opened, the US Department of Commerce released the Retail Sales for December, which contracted by the most in 10 months, 1.9%, lower than the -0.
That would leave USD/CAD traders waiting for January’s University of Michigan Consumer Sentiment on its preliminary reading, expected at 70.0., the pair is “still” upward biased. However, on Thursday, the USD/CAD dopped beneath the 200-daily moving average , which sits at 1.2501, reaching a daily low at 1.2453. Nevertheless, USD/CAD buyers entered the market, capped the fall, and reclaimed the 200-DMA, leaving the trend intact.
The USD/CAD first ceiling level would be the January 12 daily high at 1.2580. A breach of the latter would expose the 1.2600 figure, followed by the 100-DMA at 1.2523. Contrary, on the downside, the pair’s first support would be the 200-DMA. A daily close under it could send the pair tumbling to November 10, 2021, cycle low at 1.2386, but it would need to sort a few hurdles on the way down. The second support would be the January 13 daily low at 1.2453, followed by 1.2400 and the previously mentioned November’s pivot low.
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