USD/CAD clinches tops near 1.2780 post-US retail sales

The greenback is accelerating its daily upside following today’s data releases and is now pushing USD/CAD to the area of fresh tops near 1.2780.

USD/CAD boosted by data

Spot gathered extra upside pressure following the positive surprise from US retail sales for the month of July. US data showed headline sales expanding at a monthly 0.6% and sales excluding the Autos sector also gaining 0.5% MoM.

Also supporting the upside momentum around the buck, the NY Empire State index came in well above consensus at 25.20 for the current month.

Collaborating with the daily up move, the barrel of West Texas Intermediate is flirting with lows in the vicinity of the $47.00 mark per barrel, weighing further on CAD’s performance.

Looking ahead, the NAHB index is due followed by business inventories and TIC flows, all preceding tomorrow’s key FOMC minutes.

USD/CAD significant levels

As of writing the pair is gaining 0.32% at 1.2764 facing the next up barrier at 1.2778 (high Aug.15) seconded by 1.2940 (38.2% Fibo of the 2017 drop) and finally 1.2944 (55-day sma). On the other hand, a breach of 1.2675 (10-day sma) would aim for 1.2648 (low Aug.11) and then 1.2599 (21-day sma).