“¢ Market reaction to dismal US monthly retail sales turns out to be rather muted.
“¢ Mixed Canadian inflation figures do little to support Loonie amid weaker oil prices.
“¢ A sustained move beyond 1.3500 handle needed for any further near-term up-move.
The USD/CAD pair held on to its mildly positive tone, with bulls still awaiting a sustained move beyond the key 1.3500 psychological mark post-US/Canadian macro data.
The US Dollar moved little and remained supported by haven flows amid a fresh wave of global risk-aversion trade. Traders shrugged off the disappointing release of US monthly retail sales data, which, to some extent, was offset by stronger Empire Manufacturing Index.
Meanwhile, a combination of negative forces continued exerting some pressure on the Canadian Dollar and remained supportive of the bid tone surrounding the major. The commodity-linked currency – Loonie was already weighed down by weaker Oil prices and was further pressurized by mixed Canadian consumer inflation figures.
With today’s key macro data out of the way, it would now be interesting to see if the pair is able to finally make it through a key barrier near the 1.3500 handle or continues with its two-way price move within a broader trading range held over the past one week or so.
Technical levels to watch
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