USD/CAD is near the bottom of its long-term range ahead of the February report on retail sales, which is coming up at the bottom of the hour.
Given the strength in yesterday’s wholesale report, the market has likely built an upside bias into the +0.1% consensus estimate for headline retail sales. Sales ex-autos are expected up 0.6%.
Any measure of strength is unlikely to be enough to break 0.9842, which is the lowest since September. Look for initial buyers in the 0.9860/64 range and sellers at 0.9910/13 with better resistance at 0.9928.
