HelenRush

CAD Has Chances to Recover

FX:USDCAD   U.S. Dollar / Canadian Dollar
USDCAD may resume the selloff this week. The pair has risen 9 trading days in a row until it reached 1.2752. It looks like it cannot go higher, and it means it’s the right time to focus on fundamentals which may trigger the pair slide.
We have already noted Canadian economy is doing fine. The labor market show good growth. Retails sales arein creasing. GDP has showed average growth of 3.5% during the last 3 quarters.
This week CPI numbers are scheduled for release, and if it exceeds expectations, it will inspire CAD to speed up the gains. There are all chances for such a scenario, as Ivey PMI price component increased sharply over the previous month.
Besides, we need to pay attention to American data. The weaker the numbers, the larger the selloff of USD. US retail sales on Tuesday may become the needed trigger of US Dollar weakness, if we get another weaker than expected report.
The next target for USDCAD is 1.2650 and 1.2600 is to follow.
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