USD/CAD is looking lately to sit above the strong resistance point at 1. 2685, while the US dollar is gaining ground against a giant basket of currencies.
The US dollar index has controlled to break through the resistance point at 92. 80 and will further expand the bullish momentum. If this attempt is successful, the US dollar index will head towards the next resistance at 93. 10, which will be bullish for USD/CAD.
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Today, the U. S. reported that retail sales rose 0. 7% month-over-month in August, while analysts expected a decline of 0. 8%. Initial jobless claims fell from 312,000 to 330,000, while ongoing jobless claims fell from 2. 85 million to 2. 67 million. retail sales reports of expectations and continued unemployment claims have supported the U. S. dollar, as positive economic knowledge increases the chances that the Fed will announce relief from its asset acquisition program on Sept. 22.
In Canada, currency investors were able to take a look at ADP’s August employment progress report, which showed the economy had created 39,400 jobs for analysts’ consensus of 180,000.
The USD against the CAD continues to attempt to settle above the resistance point at 1. 2685. The RSI remains in moderate territory and there is room to gain more bullish momentum should the right catalysts emerge.
If the USD opposite the CAD manages to stabilize above 1. 2685, it will check the next resistance point at 1. 2710. A successful resistance control at 1. 2710 will pave the way for resistance control at 1. 2730. If the USD in CAD settles above 1. 2730, it will head towards the next resistance at 1. 2760.
On the other hand, the closest point between USD and CAD is at 1. 2650, a move below this point will lead to a verification of the EMA 20 at 1. 2640 If the USD in CAD falls below the EMA 20, it will head towards the next point which is at 1. 2625.
For a review of all of today’s economic events, check out our economic calendar.