Home Analysis Canadian dollar rallied on better-than-expected retail sales data

Canadian dollar rallied on better-than-expected retail sales data

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Canadian dollar rallied on better-than-expected retail sales data - forexspacex.com

According to the official data report from Statistics Canada, Retail sales increased 0.7% to $61.8 billion in August. A total of 6 subsectors saw increased sales Including food and beverage stores as well as motor vehicles and spare part dealers. The core retail sales also increased by 0.9%. Consequently, the Canadian dollar gained nearly 1.7% against the US dollar by the end of the week. The bulls succeeded in capitalizing on the strong economic data. A modest correction in U.S. Treasury yields also acted as a tailwind for CAD.

Important pivots to consider in the daily timeframe

NameS3S2S1Pivot PointsR1R2R3
Classic1.35941.36121.36261.36441.36581.36761.3690
Fibonacci1.36121.36241.36321.36441.36561.36641.3676
Camarilla1.36301.36331.36361.36441.36421.36451.3648
Woodie’s1.35901.36101.36221.36421.36541.36741.3686
DeMark’s1.36191.36401.3650

Ref link


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