The Canadian weakens positions. Retail Sales Data

The Canadian dollar is losing ground against the US dollar amid disappointing data on retail sales in Canada. According to published data, the base retail sales index in Canada increased by 0.3% in September, while analysts expected growth at 1.0%. The volume of retail sales grew by 0.1% in September, against the forecast of analysts at the level of 0.9%.

Technical analysis: Based on this statistics, the pair USD/CAD retreated from today’s trading minimum and rose by 35 points. Due to the weak US dollar position and the stability of oil prices, the pair is still under pressure in the short term. The main resistance levels are 1.2750; 1.2775. The resistance levels are 1.2665; 1.2620.

Fig. USD/CAD chart, current price – 1.2712.

Alexander Sivtsov