USD/CAD – Little Movement in Thin Holiday Trade

The Canadian dollar is showing little movement on Monday, as USD/CAD trades in the high-1.25 range. On the release front, there are no Canadian or US releases. US markets are closed on Monday for Presidents Day, so USD/CAD is unlikely to show much movement during the day.

US releases wrapped up a disappointing week on a sour note, as the UoM Consumer Sentiment slipped for the first time in five months. The key indicator dropped to 93.6 points, down sharply from 98.2 in the previous report. On Thursday, retail sales and jobless numbers softened. Core Retail Sales declined by 0.9%, while Retail Sales dropped by 0.8%. Both indicators were well off their estimates of -0.4%. There was no relief from unemployment claims, which jumped to 304 thousand, compared to 284 thousand in the previous reading. The markets had expected a stronger reading of 282 thousand.

USD/CAD for Monday, February 16, 2015

USD/CAD February 16 at 15:55 GMT

USD/CAD 1.2467 H: 1.2477 L: 1.2422

 

USD/CAD Technical

S3 S2 S1 R1 R2 R3
1.2190 1.2261 1.2387 1.2469 1.2543 1.2680

 

  • USD/CAD posted losses in the Asian session but recovered in European trade. The pair is unchanged in the North American session.
  • 1.2387 is an immediate support line.
  • 1.2469 is fluid. Will the pair break above this line in the North American session? 1.2543 is next.
  • Current range: 1.2387 to 1.2469

Further levels in both directions:

  • Below: 1.2387, 1.2261, 1.2190 and 1.2096
  • Above: 1.2469, 1.2543, 1.2680, 1.2761 and 1.2950

 

OANDA’s Open Positions Ratio

USD/CAD ratio is pointing to gains in long positions on Monday. This is consistent with the pair’s movement, as the Canadian dollar has posted small gains. The ratio is pointing to a majority of long positions, indicative of trader bias towards the Canadian dollar moving higher.

USD/CAD Fundamentals

* There are no US or Canadian releases on Monday.

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

Currency Analyst at Market Pulse
Kenny Fisher joined OANDA in 2012 as a Currency Analyst. Kenny writes a daily column about current economic and political developments affecting the major currency pairs, with a focus on fundamental analysis. Kenny began his career in forex at Bendix Foreign Exchange in Toronto, where he worked as a Corporate Account Manager for over seven years.