FxWirePro: USD/CAD downside pressure builds, key support level in focus

• USD/CAD extended weakness on Friday as   higher oil prices and upbeat Canadian retail sales data boosted Canadian dollar.

• Statistics Canada reported that retail sales climbed 1.3% to C$70.4 billion in November after a deal in British Columbia ended a labor dispute that had disrupted the province’s liquor distribution operations.

• The agency says retail sales were up in eight of the nine subsectors it tracks with the food and beverage retailers gaining 3.0 per cent.

• The price of oil , one of Canada's major exports, rose 2.7% to $60.98 a barrel on concerns of supply disruptions in the Middle East..

•  Immediate resistance is located at 1.3708 (38.2%fib), any close above will push the pair towards1.3815(SMA20).

• Support is seen at 1.3640(23.6%fib) and break below could take the pair towards 1.3608(Lower BB).

Recommendation: Good to sell  around 1.3700 with stop loss of 1.3770 and target price of 1.3640