During yesterday’s trading session CAD/MXN traded within the range of 12.054-12.094 and closed at 12.081.
At 6:56 GMT today CAD/MXN was losing 0.03% for the day to trade at 12.073. The pair touched a daily low at 12.065 at 5:55 GMT.
Fundamental view
The annualized retail sales in Mexico probably advanced 1.1% in May from a year ago. In April, the index declined 0.4%. Annualized retail sales in the country averaged 2.01% from 2002 until 2014, marking an all-time high of 8.7% in November 2004 and a record-low of -6.5% in February 2009.
The index reflects the year-over-year change in retail sales by comparing the aggregated sales of retail goods and services during a certain month to the same month a year ago.
The Mexican Instituto Nacional de Estadística y Geografía (INEGI) will release an official report at 13:00 GMT. In case retail sales jumped more than expected, this would boost pesos demand.
Technical view
According to Binary Tribune’s daily analysis, the central pivot point for the pair is at 12.076. In case CAD/MXN manages to breach the first resistance level at 12.094, it will probably continue up to test 12.116. In case the second key resistance is broken, the pair will probably attempt to advance to 12.139.
If CAD/MXN manages to breach the first key support at 12.059, it will probably continue to slide and test 12.036. With this second key support broken, the movement to the downside will probably continue to 12.019.
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