The Canadian strengthens its position. Retail sales and inflation data in Canada

The Canadian dollar sharply strengthened its position against the US dollar, after the publication of positive data on retail sales and inflation in Canada.

• According to published data, retail sales in January rose by 0.3%, against the December decline of -0.7%.
• The base retail sales index rose by 0.9%, against the decline in the previous period at the level of -1.7%.
• The base consumer price index rose by 0.7% in February, exceeding the January value of 0.5%. On an annualized basis, the growth rate was 1.5%, against the previous value of 1.2%.
• The consumer price index rose at 0.6% in February, exceeding the forecast at 0.3%. On an annualized basis, the growth rate was 2.2%, exceeding the previous value of 1.7%.

Technical analysis: The pair USD/CAD maintains an upward trend in the medium term. In case of further reduction and fixing of the price below the level of 1.2800, one should expect the price to fall to the level of 1.2725. The main resistance levels are 1.2900, 1.2945.

Fig. USD/CAD. The current price is $ 1.2844.

Alexander Sivtsov