Will the CPI Crash the USD?
The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!
The CAD falls on the weaker-than-expected retail figures
The level of retail sales released today came out lower than the forecasts. The headline indicator declined by 0.1% (vs. +0.3% expected), while its core level fell by 0.3% (vs. +0.3% expected). The news weakened the Canadian dollar significantly. On H4, USD/CAD tested the highs above the strong 1.3091 level. The next resistance lies at 1.3132. If bears get stronger, they will pull the pair lower to the support at 1.3078 (100-period SMA). The next support will lie at 1.3048.
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