USDCAD falls back to MA support

Technical Analysis

Author: Greg Michalowski | usdcad

Retail sales in Canada better than expectations

The USDCAD has moved lower on the back of better than expected retail sales. Although the headline data came in at -0.1% it was better than the -0.3%. 

The price moved from 1.3273 to a low of 1.3254 currently.  That move took the price below the 100 hour MA at 1.32651 (broke above on Tuesday), but has stalled just above the 200 hour MA at 1.32534 (blue and green lines respectively).   

The battle is on between the two moving averages now. 

Retail sales in Canada better than expectations
On the move lower, the price also fell below a swing area at 1.32698 area.   That level will also be eyed as upside resistance if the sellers are to keep control.  

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