USD/CAD clinches 2018 highs near 1.3380 post CPI

• The Canadian Dollar loses ground to the 1.3380 region.
• Canadian CPI rose 0.1% MoM in May. Retail Sales contracted 1.2% MoM.
• US advanced manufacturing/services PMIs next on tap.

The Canadian Dollar depreciates further vs. its American neighbor on Friday, lifting USD/CAD to fresh tops in the 1.3380 region in the wake of CPI and Retail Sales figures.

USD/CAD higher on poor data

The pair managed to grab extra steam today after Canadian inflation figures tracked by the CPI showed consumer prices rising below estimates 0.1% inter-month in May and 2.2% over the last twelve months. In addition, core prices rose at an annualized 1.3% and contracted 0.1% on a yearly basis.

Further out, Canadian Retail Sales disappointed investors contracting at a monthly 1.2% during April. Core Sales followed suit, down 0.1% MoM.

In the meantime, the pair is navigating in fresh peaks in the 1.3380 region, levels last seen a year ago, despite the broad-based sentiment towards a weaker buck and a strong rebound in crude oil prices.

USD/CAD significant levels

As of writing the pair is up 0.20% at 1.3342 facing the next hurdle at 1.3379 (2018 high Jun.22) seconded by 1.3423 (78.6%% Fibo of the 2017 drop) and finally 1.3541 (high Jun.9 2017). On the flip side, a breach of 1.3263 (low Jun.22) followed by 1.3173 (10-day sma) and then 1.3132 (61.8% Fibo of the 2017 drop).