FxWirePro: USD/CAD extends range trade, focus on U.S retail sales data

USD/CAD extends range trade into U.S. open, currently trading at 1.3246, days range 1.3238-66.

• Markets broadly on the sidelines ahead of the highly anticipated U.S. interest rate decision later this week
• Focus now on U.S retail sales data due ahead in the U.S. session, disappointing data could spur some profit-taking on longs
• Large (USD 897mn) 1.32 option expiry today also exerts magnetism
• Immediate support for USD/CAD is located at 1.3225 (Session Low Sep 14), breaks below could see the pair test 1.32 levels
• On the upside resistance is seen at 1.3266 (Session High Sep 15) ahead of 1.3280 (Sept 14 highs)

Resistance Levels:

R1: 1.3266 (Session High Sep 15)
R2: 1.3280 (Sept 14 highs)
R3: 1.3310 (Daily Highs Sep 7/8/11)

Support Levels:

S1: 1.3225 (Session Low Sep 14)
S2: 1.3216 (Daily Low Sep 11)
S3: 1.3214 (21-Day MA)