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USD/CAD – Canadian Dollar Gains as Retail Sales Improves

The Canadian dollar has posted gains on Tuesday, as the currency recovered from Monday’s losses. In the North American session, USD/CAD is trading in the mid-1.12 range. On the release front, Canadian Core Retail Sales improved to 0.0% and Retail Sales climbed 0.8%. In the US, GDP jumped 3.9% in Q3, beating expectations. However, CB Consumer Confidence slipped to 88.7 points.

On Tuesday, Canadian Core Retail Sales improved to 0.0% in the September release. Although this was shy of the estimate of 0.4%, the indicator snapped a streak of two declines. Canadian Retail Sales was sharp, posting a 0.8% gain. This beat the estimate of 0.6%, and came after two consecutive declines. Retail Sales is the primary gauge of consumer spending, a key engine of economic growth.

US economic growth continues to rack up impressive numbers, posting an excellent gain of 3.9% in Q3, well above the estimate of 3.3%. This followed a gain in Q2 of 4.2%, which also beat the estimate. The other key release, Consumer Confidence, was unexpectedly soft, dropping to 88.7 points. This was well off the estimate of 95.9 points.

USD/CAD for Tuesday, November 25, 2014

USD/CAD November 25 at 16:00 GMT

USD/CAD 1.1253 H: 1.1317 L: 1.1233


USD/CAD Technical

S3 S2 S1 R1 R2 R3
1.0961 1.1004 1.1124 1.1278 1.1414 1.1493


Further levels in both directions:


OANDA’s Open Positions Ratio

USD/CAD ratio is pointing to gains in short positions on Tuesday. This is consistent with the movement of the pair, as the Canadian dollar has posted gains. The ratio remains close to an event split between long and short positions, indicative of a lack of trader bias as to what direction USD/CAD will take.

USD/CAD Fundamentals

* Key releases are highlighted in bold

*All release times are GMT

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Kenny Fisher

Kenny Fisher [4]

Market Analyst at OANDA [5]
A highly experienced financial market analyst with a focus on fundamental analysis, Kenneth Fisher’s daily commentary covers a broad range of markets including forex, equities and commodities. His work has been published in several major online financial publications including Investing.com, Seeking Alpha and FXStreet. Based in Israel, Kenny has been a MarketPulse contributor since 2012.
Kenny Fisher

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