Feb. 19, 2021
The Canadian Dollar today at a glance – USD/CAD drops to 1.2616, following mixed behavior today, as it ranges between 1.2616 and 1.2616. United States Existing Home Sales beat expectations with new data of 6.69 million.
In terms of trend indicators, we can see that, although down today, worth noting that at 1.2755 the Canadian dollar did peak above the 50 day Simple Moving Average earlier, usually an indication that a positive move is maybe ahead. Asset volatility analysis shows that a slight indication of recovery comes from looking at the Bollinger bands: the lower band is at 1.2587 – a low enough level to usually suggest the Canadian Dollar is trading below its value. On the other hand, note that the CCI indicator is below -100. When the CCI (Commodity Channel Index) is at this level, it means the price is below the average price as measured by the indicator, indicating a possible start of a new downtrend.
Overall, looking at the technical analysis landscape – although indicators are mixed and some are pointing in different directions, it seems the Canadian Dollar might reverse course and start pointing upward in the short term.
The Aussie/Dollar is up 1.27%. The New-Zealand Dollar is up 1.06%. EUR/AUD is down 165 points from the beginning of the session and now trading around 1.556.
Canada Core Retail Sales published today at 1:30 PM came out at -4.1, falling short of the -2 projections and continuing its decline from the previous 2.9 figure. Canada Retail Sales published today at 1:30 PM came out at -3.4, falling short of the -2.5 projections and continuing its decline from the previous 1.8 figure.