• USD/CAD edged lower on Tuesday as investors digested U.S. retail sales data and waited for key jobs and inflation data for more clues.
• U.S. retail sales data U.S. Commerce Department data on Tuesday showed U.S. retail sales were unexpectedly unchanged in December, putting pressure on consumer spending, which constitutes two-thirds of the economy.
• Investor attention this week will be focused on other upcoming U.S. data including monthly reports covering employment and consumer prices.
• Data-producing agencies are still catching up on releases after delays caused by last year's government shutdown.
• Oil prices were mostly flat on Tuesday as markets awaited guidance from developments in U.S.-Iran diplomatic relations, efforts to resolve Russia's war in Ukraine, and upcoming U.S. economic and oil inventory data..
• Immediate resistance is located at 1.3655(38.2%fib), any close above will push the pair towards 1.3440(Lower BB).
• Support is seen at 1.3485(23.6%fib) and break below could take the pair towards 1.3441(Lower BB).
Recommendation: Good to sell around 1.3560, with stop loss of 1.3630 and target price of 1.3470
