USD/CAD traded to a one-month low of 1.0299 following the strongest retail sales report in nearly 3 years.
Besides briefly breaking through 1.0300, the pair broke the 55-day moving average, the July 11 and the 61.8% retracement of the June-July rally. That points to an extended decline to 1.0137. Initial support is at the 100-day moving average at 1.0269.
USD/CAD daily chart
Overall, after taking a thrashing yesterday the US dollar has hardly bounced today. That’s a sign that more US dollar declines are coming.
