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The level of retail sales released today came out lower than the forecasts. The headline indicator declined by 0.1% (vs. +0.3% expected), while its core level fell by 0.3% (vs. +0.3% expected). The news weakened the Canadian dollar significantly. On H4, USD/CAD tested the highs above the strong 1.3091 level. The next resistance lies at 1.3132. If bears get stronger, they will pull the pair lower to the support at 1.3078 (100-period SMA). The next support will lie at 1.3048.
During the daily press briefing of Andres Manuel Lopez Obrador, it was announced that Mexico will receive 1.4 million doses of the vaccine by the end of January. Is that optimistic enough for the peso?
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
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