Canadian Core Retail Sales measures the change in the total value of sales at the retail level in Canada, excluding automobiles. It is an important indicator of consumer spending and is also considered a pace indicator for the Canadian economy.
The indicator has declined to -0.6% , below expectation -0.1% , USDCAD is set rise …….
Technical view :
Outlook in USDDAC has tuned neutral , support comes at the 1.0877 levels while resistance comes at the 1.1071/1.1098 levels , to restore the upside offensive , resistance should be taken out on a daily basis , If seen , next resistance would be 1.1175 , a halt is likely , but further upside will aim the 1.1278 levels ahead of the 1.14000 levels.
On the downside , support comes at the 1.0980 levels ahead of the 1.0877 levels ( main) , losing this level will turn outlook negative towards the 1.0810 levels and possible lower 1.0740 levels..
In all , the USDCAD is likely to consolidate within 1.0877/1.0989 levels before the next move …
Conclusion : Buy the pair on dips inside the consolidation pattern 1.0877/1.0989 , or buy on resistance breakout ….