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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.

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