FXStreet (Edinburgh) – The Canadian dollar is depreciating further vs. its American counterpart on Friday, now pushing USD/CAD to test daily tops in the upper-1.2200s.
USD/CAD stronger on mixed CAD data
The pair advanced to the vicinity of the key barrier at 1.2300 after consumer prices in the Canadian economy surprised investors to the upside during May, rising at an annual pace of 0.9% while Core prices also ticked higher to 2.2%, vs. expectations at 0.8% and 2.1%, respectively.
On the negative side, Canadian Retail Sales missed consensus in April. Headline sales have contracted 0.1% inter-month and sales excluding the Auto sector dropped 0.6% on a monthly basis as well, both prints coming in lower than March’s 0.9% and 0.7% advances, respectively.
USD/CAD levels to consider
At the moment the pair is up 0.49% at 1.2282 with the next resistance at 1.2360 (high Jun.15) ahead of 1.2442 (high Jun.9) and then 1.2472 (high Jun.8). On the flip side, a break below 1.2127 (low Jun.18) would expose 1.2072 (76.4% of 1.1920-1.2563) and finally 1.1982 (low May 15).
(Market News Provided by FXstreet)