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Sep. 17, 2021

After starting the day at 1.2682, US Dollar/Canadian Dollar goes up to 1.2769 (up 86 pips)

(23:09) GMT

US Dollar/Canadian Dollar rallies 86 pips (0.69%) deep into the session trading at 1.2769.

US Dollar/Canadian Dollar green move takes place amid mixed market indicators – United States Retail Sales comes out at 0.7%, above the estimate of -0.8%. This is also a step forward from the previous data of -1.8%.

At the same time, Canada Wholesale Sales (MoM) (Jul) fall short of the -2 projections, with -2.1 and continued its downward trajectory from previous figure of -0.8. Canada Foreign Securities Purchases (Jul) is released with a new figure of 14.19 billion, this is down from preceding data of 19.64 billion.

As the day reaches an end a chart visual study suggests USD/CAD is now only 57 pips from resistance line at 1.2826. In terms of trend indicators, we can see that US Dollar/Canadian Dollar's CCI indicator is above 100. When the CCI (Commodity Channel Index) is at this level it means the price is above the average price as measured by the indicator. At 1.2666, US Dollar/Canadian Dollar made an initial breakout below the 5 day Simple Moving Average. US Dollar/Canadian Dollar crossed the 1.2703 Fibonacci level, next level is at 1.2826. Asset volatility analysis shows that The upper Bollinger band was crossed by US Dollar/Canadian Dollar at 1.2753.

Overall, the technical analysis picture suggests US Dollar/Canadian Dollar is neutral for the immediate future, with no clear-cut direction.

US Dollar/Canadian Dollar is having a rough year so far losing 0.35%. A study of US Dollar/Canadian Dollar's past performance indicates that it is currently on an up trend that started around 14 days ago.

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Week to date

US Dollar/Canadian Dollar moves up to 1.2769 (a 0.95% gain) after starting the week at 1.2649 .

A good end to the trading week, After dipping down to 1.2595, USD/CAD regains earlier losses, reaching 1.2769. (Trade US Dollar/Canadian Dollar with FXTM now).

US Dollar/Canadian Dollar green move takes place amid mixed market indicators - data for Canada Core Consumer Prices was released Wednesday suggests a downwards trend with 0.2%, while previous data was 0.6%. Data for United States Retail Sales released yesterday at 12:30 PM comes out at 0.7%, beating projections of -0.8% and showing improvement over the preceding figure of -1.8%. United States Core Retail Sales comes out at 1.8%, above the estimate of -0.1%. This is also a step forward from the previous data of -1%.

At the same time, Canada Wholesale Sales (MoM) (Jul) published yesterday at 12:30 PM came out at -2.1, falling short of the -2 projections and continuing its decline from the previous -0.8 figure. Canada Foreign Securities Purchases (Jul) is released with a new figure of 14.19 billion, this is down from preceding data of 19.64 billion.

Outlook for rest of the week: Market is looking forward for Thursday data for Canada Core Retail Sales will be released, with an expected decline to 4.6% from the preceding figure of 4.7%. Canada Retail Sales projected to outperform last figure with 4.4% while it previously stood at 4.2%, data will be released Thursday. Tuesday data for United States Building Permits will be released, with an expected decline to 1.60 million from the preceding figure of 1.63 million.