USD/CAD FLAT LINES AROUND 1.3700, LOOKS TO CANADIAN RETAIL SALES/FEDSPEAK FOR SOME IMPETUS
- USD/CAD struggles to attract buyers and consolidates in a range on the last day of the week.
- Bulls seem unaffected by some follow-through USD strength and a further slide in Oil prices.
- Traders look to Canadian Retail Sales and speeches by FOMC members for a fresh impetus.
The USD/CAD pair seesaws between tepid gains/minor losses during the Asian session on Friday and consolidates its recent recovery gains from sub-1.3600 levels, or a three-month low touched last week. Spot prices currently trade around the 1.3700 mark, nearly unchanged for the day, and remain on track to register weekly gains for the first time in the previous six.
The US Dollar (USD) is seen building on the previous day's goodish rebound from over a three-month low and turning out to be a key factor acting as a tailwind for the USD/CAD pair. The Conference Board's leading index fell for the fourth straight month in June and pointed to a slowdown in the US economic growth. This comes on top of worries about a slowdown in China – the world's second-largest economy – and tempers investors' appetite for riskier assets, which is seen benefitting the safe-haven Greenback.
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