- February 12, 2020
- Posted by: John Curran
- Category: Market News
Good morning,
The US dollar is consolidating lower against CAD after USDCAD posted it’s greatest gain on Monday since Oct 19 2019. The lead up to the higher dollar was mainly dictated by safe haven trading amid slower global growth linked to virus concerns. Today sees major North American stock indexes up along with a higher oil price for next month’s delivery as sentiment remains optimistic that virus concerns can be contained quicker than previously thought. US economic dockets to look out for for the rest the week will be tomorrow’s CPI data with the year / year consensus projecting 2.2% along with Friday’s US retail sales release. USDCAD key support still holding at 200 day moving average of 1.3225 level – topside resistance level to break is now 1.3330, year to date high. EUR