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Wrap Up 11-15 March 2013 – USDCAD Down 0.9%


Economic Indicator Actual Forecast Previous
NHPI 0.1% 0.1% 0.2%
Capacity Utilization Rate 80.7% 80.8% 81.1%

Last week was quite poor in economic data releases from Canada. Both indicators came as expected. Still the loonie has gained 0.9% in front of the American dollar as the CPI report showed that the inflation is contained, giving the Federal Reserve the possibility to maintain monetary stimulus program.

Another factor that helped the Canadian dollar to hit 1.0179 in pair with the US dollar was the up move on Crude oil futures. The WTI closed 2.4% higher than the opening price of the week and hit a top at 94.16.

Next week the following indicators will be released: Manufacturing Sales expected at 0.5%, Whole Sales at 0.4% and Core Retail Sales/Retail Sales expected at 0.4%/0.6% up from 0.9%/-2.1%.


Support: 1.0100

Resistance: 1.0335

The maximum level from which the price rejected is at 1.3340. Looking on an H4 time frame we will see a rounded top formation that might signal a reversal in the trend. The target and also a good support for this down move is 1.0100, which is also close to an important trend line.

Wrap Up 11-15 March 2013 – USDCAD Down 0.9% by