The Canadian loses ground

The Canadian dollar fell sharply against the US dollar after the publication of weak data on retail sales in Canada.

• The volume of retail sales declined in December by -0.8%, against the November growth of 0.3%.
• The base retail sales index fell by -1.8%, against the growth of the previous period at 1.7%.

Technical analysis: On the H1 chart, the pair USD/CAD confidently consolidated above the downlink resistance line on D1, which indicates the strengthening of the uptrend in the short term. At the moment, the main resistance levels are 1,2800, 1,2855. Support levels are 1.2670, 1.2630.

Fig. USD/CAD. The current price is $ 1.2734.

Alexander Sivtsov