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FxWirePro: USD/CAD advances on weak Canadian retail sales data and strong U.S. dollar

•USD/CAD strengthened   on Friday as  downbeat Canadian retail sales data and stronger greenback weighed on loonie.

• Canadian retail sales declined 0.6% in January to C$69.36 billion ($48.42 billion), as weaker sales at motor vehicle and parts dealers outweighed gains at gasoline and fuel vendors, Statistics Canada reported Friday.

• Core retail sales, excluding gasoline stations and motor vehicle & parts dealers, fell 0.2% in January, indicating broader weakness in consumer spending.

 •At GMT 16:37, the pair was trading up 0.15 percent  at 1.4344

•  Immediate resistance is located at 1.4386 (50%fib), any close above will push the pair towards 1.4468(38.2%fib).

• Support is seen at 1.4311(61.8%fib).) and break below could take the pair towards 1.4237(Lower BB).

Recommendation: Good to buy on dips around 1.4320, with stop loss of 1.4200 and target price of 1.4400

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