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market analysis

USD/CAD remains stable as traders digest mixed signals of U.S. retail sales data

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Hello everyone, today XM Forex will bring you "[XM Forex Platform]: USD/Canadian Dollar Stays as traders digest mixed signals of U.S. retail sales data." Hope it will be helpful to you! The original content is as follows:

On Tuesday, the Canadian dollar (CAD) remained stable in front of the US dollar (USD), and the US dollar/Canadian dollar was trading sideways around 1.3575.

The mixed signals from the latest U.S. retail sales data and the escalation of tensions in the Middle East have allowed traders to remain cautious as the Federal Reserve's (Fed) policy meeting approaches.

The pair is still struggling to find direction after falling to an eight-month low on Monday, with the market turning its focus to the upcoming Federal Open Market eouu.cnmittee decision and new developments in the Persian Gulf region.

Although oil prices remain high and support the Canadian dollar through eouu.cnmodity linkages, recent U.S. data and monetary policy signals remain the focus of attention.

Retail sales provide a mixed signal about consumer spending trends

U.S. retail sales data released on Tuesday provide a mixed picture. Overall figures for May fell 0.9%, lower than market expectations of 0.7%, marking the biggest drop since the beginning of 2024. Sales in addition to cars also fell by 0.3%, showing general weakness in consumer activity.

However, control group data excluding volatility categories and directly used for gross domestic product (GDP) calculations rose 0.4%, showing a strong rebound from -0.1% in April, indicating that core consumption remains resilient.

For the Fed, the report presents a mixed picture. The decline in overall figures strengthens the reason for maintaining interest rates stable and potentially easing within the year. However, the firm control group data suggests that the economy is still resilient, reducing the urgency of rate cuts.

From a broader perspective, the Israel-Iran conflict isIntensifying, threatening the security of the Strait of Hormuz - a key bottleneck in global oil supply.

Because the Canadian dollar is a eouu.cnmodity-related currency, high oil prices may help limit the downside of the Canadian dollar.

In the short term, traders will closely monitor oil price fluctuations related to the situation in the Middle East and parse the Fed's signal on Wednesday. These staggered forces may affect the USD/CAD movement in the second half of the week.

U.S./Canadian technical level

U.S./Canadian is still under continuous selling pressure, trading at close to 1.3580 and maintaining above key trend line support.

Price continues to respect the boundaries of the downward channel, with the 10th (1.3644), 20th (1.3713) and 50th (1.3819) simple moving averages (SMA) above the current level.

The pair briefly tested the channel lower limit close to 1.3540, but has not yet broken through this level.

If the closing below this level, it may open the door to the November 2024 low of 1.3419. Meanwhile, the Relative Strength Index (RSI) hovers at 29 and points above, indicating that bullish momentum may be weakening.

If the dollar strengthens, this may lead to a short-term consolidation or technical rebound, with the target resistance at 1.3640–1.3710.

The above content is all about "[XM Forex Platform]: The US dollar/Canadian dollar remains stable while traders digest mixed signals of US retail sales data". It is carefully eouu.cnpiled and edited by the XM Forex editor. I hope it will be helpful to your trading! Thanks for the support!

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USD/CAD remains stable as traders digest mixed signals of U.S. retail sales data

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USD/CAD remains stable as traders digest mixed signals of U.S. retail sales data

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