USDCAD Sees A Selling Opportunity Ahead Of Canada Retail Sales Data

Forex -6595845 -656

The outlook in USDCAD remains on the downside as long as 1.3157 resistance holds on a daily closing basis. Support comes at 1.3100 levels. A halt is likely, it may test 1.3157 before attempts to break below 1.3100 levels. However; losing the key support 1.3100 will extend loses to 1.3053 levels. The next support comes at 1.3015 levels ahead of 1.2970 levels.

On the upside, above 1.3157 sees recovery threats 1.3197 levels. A break will extend the corrective recovery to 1.3250 levels.

In conclusion, the USDCAD sees downside threats below 1.3157 levels.

Fundamental outlook: Canada will report on Retail Sales for Oct today at 13:30 GMT. Retails sales: the forecast is to rise by 0.5%, from -0.1% a month earlier. Core Retails sales: the forecast is to inch up by 0.3%, from 0.2% in the preceding month.

Note that a higher than expected reading should be taken as positive/bullish for the CAD (bearish for USDCAD), while a lower than expected reading should be taken as negative/bearish for the CAD (bullish for USDCAD).  In all cases, any rebound to 1.3157 is a selling opportunity.

Meanwhile, the US will report on GDP (Q3). The forecast is to remain unchanged at 2.1%.

USDCAD Sees A selling Opportunity Ahead Of Canada Retail Sales Data

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UPCOMING ECONOMIC EVENTS