Canadian Dollar recovers ground on US data print.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• Canadian Dollar recovers ground on US data print.
• Canada sees low-impact data for the back half of the trading week.
• Crude Oil markets are in recovery mode, bolstering Canadian Dollar.

The Canadian Dollar (CAD) found itself on the high side of the US Dollar (USD) on Thursday after US Retail Sales missed expectations and shrank in January. The Greenback’s midweek surge on CPI-fueled risk aversion is getting pared back, and the CAD is finding additional support from recovering Crude Oil bids heading into the back end of the trading week.

Canadian Housing Starts came in below expectations, but the low-impact data saw little market movement as investors broadly focus on shifts in US data prints. A rebound in Crude Oil also bolsters the Canadian Dollar.

The Canadian Dollar (CAD) recovered around a quarter of a percent against the US Dollar on Thursday, while shedding a quarter of a percent against the market’s strongest currency for the day in the Swiss Franc (CHF). The US Dollar is broadly softer in the back half of the trading week, giving the Canadian Dollar a leg up.

USD/CAD tumbled into an intraday low of 1.3475 on Thursday, and the pair is running into near-term technical support from the 200-hour Simple Moving Average (SMA) near 1.3494 as bids grapple with the 1.3500 handle.

Daily candlesticks continue to see friction from the 200-day SMA at 1.3478. Despite USD/CAD testing new highs consistently, progress has been thin as the pair threatens to tip into a consolidation pattern between 1.3400 and 13600.

[/s2If]

The NEHCAP currently runs the following trading systems for clients. They can be bought and run on your funds.

The system is trading live: LIVE ACCOUNT TRACKING
Contact Us: Contact
The HFT_FIX can be run free for 2 weeks on any broker with a ECN. Apply for a free trial
Join Our Telegram Group