FxWirePro: USD/CAD trades lower on stronger Canadian retail sales, good to sell on rallies
Major resistance – 1.26100 The pair has declined slightly after hitting high of 1.25980 on account of better than expected Canadian retail sales data yesterday. Short term trend is still as long as resistance 1.26910 hol…
The pair has declined slightly after hitting high of 1.25980 on account of better than expected Canadian retail sales data yesterday. Short term trend is still as long as resistance 1.26910 holds.
Canadian retail sales rose 0.1% in June compared to forecast of 0.3% gain for the month and revised 0.5% increase for the May. But Core retail sales grew at 0.7% for the month compared to forecast of 0.1%.
Loonie hits low of 1.25669 for the intraday and is currently trading around 1.25718.
Crude oil recovered slightly after hitting low of $47.01 on expectations that U.S inventory might decline for the eighth consecutive week.
On the lower side, near term support is around 1.2550 and any convincing break below will drag the pair down till 1.2500/1.2430.
It is good to sell on rallies around 1.2575-1.2580 with SL around 1.2625 for the TP of 1.2500/1.2435.
