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USDCAD – Back to 1.2500?
The loonie remains one of strongest currencies in the G-7 universe aided today by better than expected Retail Sales numbers which saw a jump of 0.7% versus 0.1% eyed. The economy up North continues to hum along despite lack luster oil prices as diversified services base delivers robust growth.
After a mild counter-trend rally USDCAD looks like it’s to test the key 1.2500 support level and tomorrow’s crude inventory numbers could be the catalyst for such a move. If the inventories show a larger than expected draw oil could climb towards the key $50/bbl level providing just the push that loonie needs to test 1.2500 support.
For now, the pair remains comfortably above that level, but a move lower could ultimately send it to a test of recent lows at 1.2419