Tuesday, November 15, 2016

Canadian dollar is showing limited movement on Tuesday

The Canadian dollar is showing limited movement on Tuesday, following an uneventful Monday session. In North American trade, USD/CAD is trading at 1.3530. On the release front, US Core Retail Sales and Retail Sales posted identical gains of 0.8 percent, as both indicators beat their estimates. The Empire State Manufacturing Index gained 1.5 points, beating the forecast of -1.5.  There are no Canadian indicators on Tuesday. On Wednesday, the US releases PPI, while Canada will publish Manufacturing Sales.•USD/CAD was flat in the Asian session and has recorded slight losses in European trade. The pair has posted slight gains early in the North American session
•1.3457 continues to provide strong support
•1.3551 was tested earlier in resistance and remains a weak line
Further levels in both directions:
•Below: 1.3457, 1.3371, 1.3253 and 1.3120
•Above: 1.3551, 1.3648 and 1.3782
•Current range: 1.3457 to 1.3551
USD/CAD ratio is showing little movement in the Tuesday session. Currently, short positions command a strong majority (66%), indicative of trader bias towards USD/CAD continuing to move to lower ground.