USD/CAD Technical analysis: Challenging the 1.3100 figure on disappointing Canadian Retail Sales
- USD/CAD is up on the day as Canadian Retail Sales disapppoint.
- On a recovery scenario, the levels to beat for buyers are at 1.3100 and 1.3150
USD/CAD daily chart
USD/CAD is waveringe near multi-month lows as the market is currently capped below the 1.3100 handle and the main daily simple moving averages (DSMAs). The Canadian Retail Sales in May came below expecation at -0.1% vs. 0.3% forecast, sending the CAD down.
USD/CAD 4-hour chart
USD/CAD is trading just below 1.3080 resistance as the market is challenging the descending 100 SMA.
USD/CAD 30-minute chart
USD/CAD is trading above its main SMAs suggesting bullish momentum in the near term. The market is currently rejecting 1.3100 and 1.3080 resistances suggesting a potential correction down. Support are seen at 1.3050 and 1.3015, according to the Technical Confluences Indicator.