Ceiling solidified on hourly chart
The USDCAD has moved lower after the better than expected Retail sales data and slightly higher CPI.
Technically, the further move away from the ceiling that is in place around the 1.3138 level (see charts).
Will the market look at the weakness as a buying opportunity?
The upward sloping trend line comes in near the lows at 1.3056. Below that, the 100 hour MA at the 1.3036 and 38.2% of the move up from the last Friday low at 1.30318 will be key.
As we stand the first support target is holding. Resistance up at 1.3095. If the sellers want to make a further run lower,look for sellers near this area.
