USD gains on loonie following retail sales figure
- Last Updated on 22 February 2012
- Hits: 20
The loonie took some losses against the US dollar in trading yesterday, after negative euro-zone news and a worse than expected Canadian Core Retail Sales figure caused investors to revert back to safe havens. The indicator came in at 0.0% following last month's reading of 0.4%. The USD/CAD extended its upward momentum following the indicators release before stabilizing right around the 0.9970 level.
Turning to today, traders will want to continue monitoring the euro-zone for any clues as to investor risk taking. Any additional signs that the Greek debt crisis is not yet over may cause investors to keep their funds with the safe haven greenback. The USD/CAD may be able to breach the 0.9990 resistance level as a result.