USD/CAD breaks below 1.3300 post-Retail Sales

Pablo Piovano FXStreet

USD/CAD has intensified its daily downside on Tuesday after Canadian Retail Sales have surprised markets to the upside in January.

USD/CAD weaker on upbeat data

CAD met further buying pressure after headline Retail Sales expanded at a monthly 2.2%during January, while sales stripping the Autos sector rose 1.7% MoM. Both prints have left behind December’s 0.4% and 0.5% drops, respectively.

Back to the US docket, Q4 Current Account deficit shrunk to nearly $112.5 billion from $116.0 billion, bettering expectations for more than $128.0 billion deficit.

Spot plummeted to 3-day lows in the wake of the results amidst the persistent offered bias around the buck and ahead of speeches by Kansas City Fed E.George (2019 voter, hawkish) and Cleveland Fed L.Mester (2018 voter, hawkish).

USD/CAD significant levels

As of writing the pair is down 0.45% at 3289 facing the immediate support at 1.3285 (low Mar.21) followed by 1.3274 (low Mar.16) and finally 1.3214 (55-day sma). On the other hand, a break above 1.3379 (high Mar.17) would expose 1.3496 (high Mar.14) and finally 1.3536 (2017 high Mar.9).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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