USD/CAD drops further, approaches 1.3200

The Canadian dollar is among the top performers in the market on Thursday supported by economic data and by a recovery in crude oil prices. USD/CAD dropped further, sliding toward 1.3200. 

Data and oil 

Earlier today, Statistics Canada informed that retail sales rose 0.8% in April, surpassing expectations. Excluding autos also showed a larger-than-expected gain. 

Regarding crude oil, the WTI barrel is up 1.40% for the day so far, trading above $43.00. Crude is rising for the first time since the beginning of the week. 

Canada: Retail sales rose 0.8% to $48.6 billion in April

Toward weekly lows

USD/CAD recently broke below 1.3250 and reached a fresh low at 1.3205. So far today it lost a hundred pips, making a significant reversal. On Wednesday it traded at weekly highs and it approached 1.3350. 

Now the pair is near weekly lows located at 1.3189. Below here attention would turn to June lows at 1.3169. A daily close under 1.3200 would be the lowest since February and could increase the bearish pressure.