USD/CAD Technical Analysis: Free fall below 1.3200 as Canadian Retail Sales beat estimates

USD/CAD fell almost 140 pips from its daily high as the Canadian Retail Sales in May rose to 2% versus 1.1% expected.
USD/CAD is now back below 1.3155 support level. However, given the current strong momentum, the market might need to test 1.3120 or beyond to find some decent support.
USD/CAD is now trading below all its main moving averages suggesting a slowdown of the bull trend.

Flavio Tosti Independent Analyst

USD/CAD 15-minute chart

Spot rate: 1.3158
Relative change: -0.99%
High: 1.3292
Low: 1.3138

Trend: Bullish / bearish correction

Resistance 1: 1.3155 June 18 low
Resistance 2: 1.3200 figure
Resistance 3: 1.3271 June 29 high
Resistance 4: 1.3350 figure
Resistance 5: 1.3388, 2018 high
Resistance 6: 1.3543 June 9, 2017 swing high

Support 1: 1.3120 demand level
Support 2: 1.3066-1.3053 last week’s low and June 5, swing high
Support 3: 1.2974 May 9 high
Support 4: 1.2900 figure

Author

Flavio Tosti

Independent Analyst

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