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Canadian dollar at new highs against the USD

Following the poor retail sales report from the  US, the greenback is falling and the Canadian dollar is certainly taking advantage of this.

USD/CAD dropped to a new low of 1.1934, below the previous cycle low that was inspired by poor US data as well as strengthening oil prices. We will soon get oil related data.

The US consumer did not increase spending in April, the first month of the first quarter. While this was partially compensated with an upwards revision for the data for March, the market cares much more about current figures.

In addition, the  consensus was for a resumption of solid growth in Q2 after a poor first quarter. Blaming the weather is no longer an option.

Canada has enjoyed rising oil pries. Cure inventories are released later today and could give another boost to the price of the black gold, Canada’s most important export.

More:  CAD: Rotation Emerges – CIBC

Here is the USD/CAD chart showing the clear breakdown:

USDCAD down May 13 2015 on weak US retail sales Canadian dollar up

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.