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14 Apr 2015
USD/CAD falls to 6-day low after US data
FXStreet (Córdoba) - USD/CAD broke below the 1.2560 support area and hit a fresh 6-day low as the greenback came under pressure on the back of disappointing retail sales and optimism data.
US retail sales grew by 0.9% in March, posting the first increase in four months and the largest monthly gain in a year, but still missed analysts’ expectations of a 1.1% rise. When excluding both gasoline and autos, sales rose 0.5% last month.
Meanwhile, a gauge of US business optimism unexpectedly fell to 95.2 in March, from 98.0 in February and below the 98.4 of consensus.
USD/CAD fell sharply and scored a daily low of 1.2502 in recent dealings. At time of writing, the pair is trading at 1.2510, 0.65% below its opening price, with immediate support at the 1.2500 area (psychological level), followed by 1.2454 (Apr 7 low).
US retail sales grew by 0.9% in March, posting the first increase in four months and the largest monthly gain in a year, but still missed analysts’ expectations of a 1.1% rise. When excluding both gasoline and autos, sales rose 0.5% last month.
Meanwhile, a gauge of US business optimism unexpectedly fell to 95.2 in March, from 98.0 in February and below the 98.4 of consensus.
USD/CAD fell sharply and scored a daily low of 1.2502 in recent dealings. At time of writing, the pair is trading at 1.2510, 0.65% below its opening price, with immediate support at the 1.2500 area (psychological level), followed by 1.2454 (Apr 7 low).