FxWirePro: USD/CAD consolidating around 1.3194, bias is bullish
The USD/CAD pair rose on Wednesday as Canadian dollar was pressured by falling oil prices and stronger greenback across the board along with the biggest drop in domestic retail sales in nine months.| Canadian retail sale…
The USD/CAD pair rose on Wednesday as Canadian dollar was pressured by falling oil prices and stronger greenback across the board along with the biggest drop in domestic retail sales in nine months.|
Canadian retail sales unexpectedly declined 0.5 percent in December as consumers bought fewer new cars and spent less during the holiday shopping season.
The U.S. dollar, which was boosted by hawkish comments from various Fed officials in the previous session, was firm on Wednesday.
The currency pair is trading around 1.3194 levels and it is set to advance towards 1.3240 and 1.3260 in the short term.
To the upside, the strong resistance can be seen at 1.3231, a break above will take the pair towards next resistance level at 1.3280.
To the downside immediate support can be seen at 1.3185 levels, a break below will open the door towards next level at 1.3165.
