• USD/CAD declined sharply on Friday as the greenback slipped ahead of Federal Reserve Chair Jerome Powell's speech at the Jackson Hole summit.
• On the data front,Canada's retail sales dropped in June, data showed on Friday, as consumers continued to feel the impact of high interest rates and cut back on discretionary purchases.
•Canada's GDP figures for June and the second quarter will be released next week, serving as the final key data point before the bank's monetary policy decision announcement on September 4
• Technical signals are bearish as RSI is at 26, daily momentum studies 5, 9 and 10 DMAs are trending down.
• Immediate resistance is located at 1.3565 (38.2%fib), any close above will push the pair towards 1.3612 (50%fib).
• Support is seen at 1.3503(23.6%fib) and break below could take the pair towards 1.3485 (Lower BB).
Recommendation: Good to sell around 1.3520 , with stop loss of 1.3600 and target price of 1.3420
