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13 May 2013
Forex: USD/CAD recovers the 1.0100 level following retail sales in US
FXstreet.com (Barcelona) - The USD/CAD has taken a tumble during US trading, following what has been a virtual bloodletting from the 1.0135 level (session highs). Suffice to say, a surrendering of the 1.0100 level occurred earlier, though the cross is still trending downward after establishing fresh session lows (1.0089/94) in these moments on the heels of US data – the pair is now operating at 1.0099/00.
According to the ICN.com Technical Analyst Team, “Trading below 1.0140 keeps the affect of the bearish harmonic Bat Pattern valid; nevertheless, the pair settled last week for the second target at 61.8% correction around 1.0015 levels then rebounded to the upside. With the kick start of trading this week, trading is above Linear Regression Indicators and Stochastic is positive.”
In the United States, Retail Sales (MoM) grew at a rate of +0.1% in April, against expectations of -0.3%, compared with -0.4%. In addition, Retail Sales ex Autos (MoM) were reported at -0.1% in April, matching. projections calling for -0.1%.
According to the ICN.com Technical Analyst Team, “Trading below 1.0140 keeps the affect of the bearish harmonic Bat Pattern valid; nevertheless, the pair settled last week for the second target at 61.8% correction around 1.0015 levels then rebounded to the upside. With the kick start of trading this week, trading is above Linear Regression Indicators and Stochastic is positive.”
In the United States, Retail Sales (MoM) grew at a rate of +0.1% in April, against expectations of -0.3%, compared with -0.4%. In addition, Retail Sales ex Autos (MoM) were reported at -0.1% in April, matching. projections calling for -0.1%.