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Soft Sales Data Helps USDCAD Fully Unwind PMI Drop

USDCAD TECHS
  • USDCAD has lifted back to 1.3700 after weaker than expected Canadian retail sales (-0.1% M/M in Feb vs cons +0.1, Mar indicated unch) and a sharp decline in the advance estimate for manufacturing sales (-2.8% M/M).
  • The ~20 pip increase builds on the rise off the overnight low of 1.3655 (a new initial support level) and has now fully reversed yesterday’s fall on the softer US PMI.
  • Resistance is seen at 1.3714 (Apr 23 high) after which lies 1.3804 (Apr 19 high).
  • Today’s NY cut sees larger expiries generally grouped lower than spot: 1.3565 ($404m), 1.3570 ($402m), 1.3576 ($471m), 1.3600 ($515m), 1.3650 ($575m) and 1.3680 ($790m).
  • It’s followed later on by BoC minutes from Apr 10 decision at 1330ET.
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