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USD/CAD weaker, drops below 1.3200

FXStreet (Edinburgh) - The Canadian dollar keeps appreciating vs. its American neighbour on Monday, sending USD/CAD to sub-1.3200 levels.

USD/CAD in 3-week lows

The continuation of the offered tone around the dollar keeps weighing on spot, while the recovery of crude oil prices remains the main source of CAD-strength for the time being, collaborating with the pair’s downside as well.

In the data universe, US Labor Market Conditions Index, Services PMI by Markit and the ISM Non-manufacturing will be the main highlights in the US calendar.

USD/CAD levels to consider

As of writing, the pair is losing 0.47% at 1.3089 and a breach of 1.3012 (low Sep.18) would open the door to 1.2952 (low Aug.12) and finally 1.2861 (low Jul.29). On the flip side, the next resistance aligns at 1.3177 (high Oct.5) ahead of 1.3251 (high Oct.2) and then1.3310 (high Oct.1).

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EUR: Eurozone retail sales stabilized in August – ING

Bert Colijn, Research Analyst at ING, suggests that the Eurozone consumer did not splurge in August as retail sales were flat compared to July and the largest growth in sales were in automotive fuel at 1.8 percent growth as Europeans seem to take advantage of the lower price at the pump and use the car more, instead of taking their saved euros elsewhere to spend.
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