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Forex: USD/CAD jumps to 1.0130/34 on US retail sales data

FXstreet.com (Barcelona) - The USD/CAD jumped nearly 15 pips during the onset of US trading after a tranche of US indicators were revealed to investors Friday. This move comes on the heels of an uptrend, which the pair had been engaged in since the European session. At the time of writing, the cross is now steadfastly rising to 1.0130/34, having notched an advance of +0.28% above its opening.

Briefing the technicals, the Mataf.net technical analyst team identifies resistances at 1.0144, onto 1.0187, and finally 1.0214. Conversely, a break below 1.0071 will initiate supportive measures at 1.0041 and 0.9800.

In the United States, Retail Sales (MoM) contracted -0.4% in March, compared with estimated of zero change. Meanwhile, the Producer Price Index (MoM) yielded a figure of 0.2% in March, against expectations of 0.2%. Retail Sales ex autos (MoM) also fell -0.4% in March, missing a projected 0.0% change.

“We rather think the USD/CAD is in or near the buy zone at the moment, though we prefer to look to buy a little below 1.0100. The market has retraced a little less than 2/3 of the Jan-Mar rally now and the 1.0100 area was a significant zone of resistance on the way up through late Jan/early Feb.” suggests the TD Securities Team.

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