- The USD/CAD pair declined on Thursday as the Canadian dollar was boosted by higher oil prices and stronger-than-expected domestic retail sales data.
- Canadian retail sales rose 0.8 percent in April from March to C$48.64 billion. Analysts had forecast an increase of 0.2 percent.
- Oil, one of Canada's major exports, edged up from multi-month lows, but prices remained under pressure from a supply glut that has persisted despite the Organization of the Petroleum Exporting Countries' efforts to balance the market.
- Currently, the currency pair is trading at 1.3236 levels, it is set to decline further towards 1.3180 and later 1.3150 levels in the short term.
- The immediate support can be seen at 1.3207, break below this level will expose the pair to next support level at 1.3163.
- Major resistance can be seen at 1.3352, break above this level will expose the pair towards 1.3400 levels.
Resistance Levels
R1: 1.3281 (50% Retracement level)
R2: 1.3352 (61.8% Retracement level)
R3: 1.3400 (Psychological levels)
Support Levels
S1: 1.3207 (38.2% Retracement level)
S2: 1.3163 (June 14th lows)
S3: 1.3114 (23.6% Retracement level)
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