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Forex: USD/CAD testing weekly lows, around 1.0250

The Canadian dollar is sharply appreciating against the greenback after the solid advance of the US retail sales, dragging the cross to weekly lows in sub 1.0250 levels.

“Factors supporting CAD remain unchanged and are: relative central bank policy, a narrowing in oil price spreads that improve Canada’s terms of trade, and reserve diversification flows”, comments Camilla Sutton, Chief Strategist at Scotiabank.

At the moment, the cross is losing 0.10% at 1.0249 with the next support at 1.0234 (low Mar.8) ahead of 1.0217 (low Feb.28) and then 1.0206 (low Feb.25).
On the upside, a breakout of 1.0315 (high Mar.8) would pave the way to 1.0329 (high Mar.7) and finally 1.0337 (high Mar.6).

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