USD/CAD upside falters near 1.3600 post-Retail Sales

USD/CAD has reverted the initial selling bias and is now trading back in the upper end of the range just below 1.3600 the figure.

USD/CAD bid post-data

CAD met extra selling pressure after Canadian Retail Sales missed estimates in February, contracting at a monthly 0.6% vs. a forecasted flat reading. Sales stripping the Autos sector contracted less than expected 0.1%, although they sharply reverted January’s 2.3% advance.

In the meantime, the buck remains bid ahead of the announcement of the tax reform by President D.Trump later in the NA session (1730GMT), with the US Dollar index bouncing off recent lows and regaining the 99.00 neighbourhood for the time being.

In the US docket, the EIA will publish its weekly report on crude stockpiles after yesterday’s unexpected increase in supplies by the API (+0.897 million barrels).

USD/CAD significant levels

As of writing the pair is up 0.01% at 1.3573 facing the next resistance at 1.3604 (high Apr.26) seconded by 1.3629 (2017 high Apr.25) and then 1.3861 (high Feb.24 2016). On the other hand, a breakdown of 1.3533 (23.6% Fibo of the April up move) would open the door to 1.3496 (low Apr.25) and finally 1.3408 (low Apr.24).