USD/CAD awaits US data

USD/CAD awaits US data

Information is not investment advice

USD/CAD is another pair that has the potential to make significant moves in the near term. Last week the pair broke below the uptrend support line from the start of 2018. It now provides resistance together with the 100-day MA at 1.3350.  

The United States will release retail sales figures at 15:30 MT time. If the data turn out to be weaker than expected, the break down continues targeting 1.3285/70. The ultimate support is at 1.3120 (200-week MA). If American figures are strong, we’ll target the 1.3400 area on the break above 1.3370.   

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Levels for trading USD/CAD

To gain the ability to head higher, towards 1.3445, USD/CAD needs to overcome 1.3355 (61.8% Fibo of the May-July decline).  

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Levels for trading USD/CAD

To gain the ability to head higher, towards 1.3445, USD/CAD needs to overcome 1.3355 (61.8% Fibo of the May-July decline).  

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