- March 12, 2018
- Posted by: Joey Benedid
- Category: Market News
It’s been a quiet start to the week after Friday’s strong U.S. employment data pushed the dollar index back above 90.00 with confusion surrounding proposed U.S. tariffs still keeping the markets on edge. Turning to events to watch this week we have U.S. inflation data tomorrow along with retail sales figures Wednesday rounded out by building permits on Friday but most will be keeping an eye on headlines for news on potential trade war updates.
USD/CAD has topped out with technical indicators showing a reversal is in progress after Canada’s exclusion from steel tariffs was announced last week followed by decent Canadian employment data (see chart). While this has helped normalize the Canadian dollar it remains to be seen if tariffs will be used to bully Canada and Mexico at the NAFTA bargaining table. Look for us to follow general market sentiment with no significant Canadian data being released this week. Resistance will be seen between 1.2880-1.2920 with support coming in at 1.2800 and 1.2715.
It’s been a quiet start to the week after Friday’s strong U.S. employment data pushed the dollar index back above 90.00 with confusion surrounding proposed U.S. tariffs still keeping the markets on edge. Turning to events to watch this week we have U.S. inflation data tomorrow along with retail sales figures Wednesday rounded out by building permits on Friday but most will be keeping an eye on headlines for news on potential trade war updates.
USD/CAD has topped out with technical indicators showing a reversal is in progress after Canada’s exclusion from steel tariffs was announced last week followed by decent Canadian employment data (see chart). While this has helped normalize the Canadian dollar it remains to be seen if tariffs will be used to bully Canada and Mexico at the NAFTA bargaining table. Look for us to follow general market sentiment with no significant Canadian data being released this week. Resistance will be seen between 1.2880-1.2920 with support coming in at 1.2800 and 1.2715.