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Forex: USD/CAD resumes the upside

FXstreet.com (Buenos Aires) – After being under selling pressure for the past 4 days, the USD/CAD surged this Wednesday, closing the US session a few pips shy from 1.0300 area. Earlier on the day, Canadian dollar surged along with oil, but the black oil was unable to hold gains and edged up lower. Along with commodities slide, US positive data triggered a strong demand for greenback that affected particularly European currencies and finally weighted on the pair: market players are betting on a US recovery after all.


Currently around 1.0280, immediate support comes at 1.0240, Wednesday low, followed by 1.0210 three week low. Above the psychological 1.0300, next resistance in the short term comes at 1.0340, this month high.

Wall Street closed higher fueled by US retail sales

The US stocks market has closed Wednesday on the green side as investors got another clue on the US economic recovery as the retail sales report showed a better than expected figures in February.
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Session recap: Another winning day for the USD

The Greenback is the winner of the day and after being fueled by the better than expected retail sales in the US, the US dollar traded higher against its major competitors. The EUR/USD closed the day below the 1.3000 level bu the GBP/USD traded slightly higher on the day. The USD/JPY recovered early losses to close the day with positive note.
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