USD/CAD SOARS ON WEAK RETAIL SALES IN CANADA
The EUR/USD continued growing amid low trader activity due to the Thanksgiving celebration in the US today. Euro bulls got a boost from a block of positive data that came in today. The German economy expanded by 0.8% in the third quarter, which was in line with the forecast. Moreover, the flash manufacturing PMI in the Eurozone increased to 60.0 in November and flash services PMI reached 56.2. The average forecasts were 58.3 and 55.3 respectively.
The British pound is growing, after falling earlier, thanks to GDP growth statistics in the UK, according to which, the national economy expanded by 0.4% in the third quarter. The sterling got a further boost from the CBI realized sales which increased to 26 compared to the 5 predicted. The growth potential of the UK pound is likely to be limited by headwinds linked with the uncertainty of the outcome of the Brexit talks but the main attention for GBP/USD traders will be on the movement of the greenback.
The USD/CAD quotes rose sharply after the release of the retail sales report. The indicator increased by 0.1% in September compared to 0.9% expected. The core retail sales grew by 0.3% which was 0.6% worse than forecasted.
The volatility of the NZD/USD is likely to increase later today after the release of New Zealand’s trade balance data due at 21:45 GMT.
The EUR/USD quotes keep rising and are currently located near the 1.1850 line. Previously the pair was able to overcome resistance at 1.1825, which may become an additional stimulus for the bulls to push the price upwards to 1.1925 and 1.2000. On the other hand, we may see the price rollback to the support at 1.1730. Volatility is likely to remain low till the end of the week due to lower trading activity.
The GBP/USD resumed positive dynamics after reaching the SMA100 on the 15-minute chart. The next objective in case of price growth, within the limits of the channel, will be at 1.3400. In order to change the current positive dynamics, quotes need to fix under the 1.3250 support line, and the lower limit of the rising channel.
The USD/CAD quotes rebounded from the strong support line at 1.2665. As a result, the price has broken the upper limit of the local descending channel which may become the trigger for maintaining the current positive impulse to 1.2800. The RSI on the 15-minute chart approached the overbought territory which points to a possible rollback soon.