Canada Retail Sales due at 8:30 AM. USDCAD remains pressured

Written March 19, 2010 at 8:14 AM EST by  

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The US Retail Sales report for is due at 8:30 AM. The expectation is for a 0.6% increase for the headline and +0.5% for the ex Auto.  Last month the Retail Sales increased by 0.4% and 0.4% for both.  Earlier today CPI came out better than expectations. This continued the string of better economic data over the last few weeks for the Canadian economy and put them on track (or perhaps ahead of the pace) for a tightening at the end of the 2nd quarter. 

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From a techincal perspective, the price will target the low from yesterday at the 1.0088 level. Below that is the lowest level since July 2008 at Thursdays low price of 1.0069.  There may be some early buyers against these levels for quick intraday traders. Oil is down a bit, but the fundamental bias should keep the loonie supported (USDCAD pressured).  The upside should find resistance at 1.0118 and 1.0130 area (see the 5 minute chart below).

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