12 Feb 2015
USD/CAD hits fresh daily lows
FXStreet (Córdoba) - USD/CAD took a step lower and hit a fresh daily low following below-expectations US retail sales data and on forecast Canadian new home prices.
USD/CAD, that was already trading down on the day, stretched to a fresh daily low of 1.2525 as immediate reaction to data. However, the pair managed to climb back to pre-data zone around 1.2560, where it remains 0.51% below its opening price.
US retail sales fell for a second month in a row by 0.8%, a steeper drop than the 0.5% expected. In Canada, December new home prices rose by 0.1%, matching expectations.
USD/CAD technical perspective
“After trading up to 1.27 yesterday, the undertone looks soft in the short run again this morning”, said the TD Securities team. “We see support in the low 1.25s which should be reinforced by spot moving close to 1 Standard Deviation away from our fundamental fair value assessment for USD/CAD currently which stands at 1.2660”.
USD/CAD, that was already trading down on the day, stretched to a fresh daily low of 1.2525 as immediate reaction to data. However, the pair managed to climb back to pre-data zone around 1.2560, where it remains 0.51% below its opening price.
US retail sales fell for a second month in a row by 0.8%, a steeper drop than the 0.5% expected. In Canada, December new home prices rose by 0.1%, matching expectations.
USD/CAD technical perspective
“After trading up to 1.27 yesterday, the undertone looks soft in the short run again this morning”, said the TD Securities team. “We see support in the low 1.25s which should be reinforced by spot moving close to 1 Standard Deviation away from our fundamental fair value assessment for USD/CAD currently which stands at 1.2660”.