Technical Analysis

USDCAD strikes towards day highs after weaker retail gross sales

The excessive for the day and excessive from final week focused

The USDCAD is shifting towards the day highs after weaker than anticipated retail gross sales (-Zero.9% vs -Zero.6% est).  BOC Poloz is out after the report saying financial system is in good condition, blaming the commerce and decrease oil costs for latest weak point.

USDCAD moves higher after weaker retail sales

The worth motion has seen the worth transfer greater. The height on thee transfer reached 109.764. That was simply wanting the sooner session excessive at 109.79. The excessive from final week reached 108.882.  Every of these ranges are upside targets. 

On the draw back, the worth moved beneath a development line yesterday on the hourly chart and likewise the 100 hour MA.  At the moment, the rebound within the Asian session took the worth again above every. The development line was examined within the European session on a correction and did an excellent job of holding assist (once more). That development line is available in at round 109.59.  A reversal beneath that development line would tilt among the bias again to the draw back, with the 100 hour MA at 109.466 one other bearish borderline.  Get beneath every of these ranges ought to solicit extra promoting. Till then, the market might be centered on the topside targets.

On the each day chart, the USDCAD is making an attempt to base (obtained near the 100 day MA on the tumble decrease in January and bounced). The pair is buying and selling at this time above the July 2018 swing excessive, however beneath the June 2018 swing highs (between 1.3288 and 1.33839).  A break exterior that vary would solicit extra value motion within the path of the break.

Daily chart of USDCAD shows some bullish signs

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