USD/CAD Technical Analysis: Greenback jumps to 1.3383 on Canadian Inflation and Retail Sales

USD/CAD gains more than 100 pips on the back of worse-than-expected Bank of Canada Consumer Price index and Retail Sales and reaches a daily high at 1.3383. USD/CAD is now consolidating the recent bull breakout above the 1.3300 area.
USD/CAD shortly broke above 1.3350 June 21, 2017 swing high but the market is having no follow-through buying at the time of writing, however, the trend remains bullish on the currency pair as it too early to call a top.

Flavio Tosti Independent Analyst

USD/CAD 15-minute chart

Spot rate: 1.3311

High: 1.3383
Low: 1.3260

Trend: Bullish

Resistance 1: 1.3350 June 21, 2017 swing high
Resistance 2: 1.3383, current week's high
Resistance 3: 1.3543 June 9, 2017 swing high

Support 1: 1.3266 Wednesday’s low
Support 2: 1.3200 figure
Support 3: 1.3155 former supply/demand level

Author

Flavio Tosti

Independent Analyst

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