Loonie Remains Range Bound Ahead of Key Releases
FXOpen
The US Dollar (USD) inched lower against the Canadian Dollar (CAD) on Wednesday, decreasing the price of USD/CAD to less than 1.3600 ahead of the Canada’s retail sales news. The technical bias remains bullish because of a higher high in the recent upside move.
Technical Analysis
As of this writing, the pair is being traded around 1.3562. A hurdle can be seen near 1.3573, the confluence of upper trendline resistance as well as 23.6% fib level ahead of 1.3604, the pink trendline resistance and then 1.3625, the high of the last major upside rally as demonstrated in the given below hourly chart.
On the downside, a support may be seen near 1.3542, the 38.2% fib level ahead of 1.3516, the confluence of 50% fib level as well as short term horizontal support and then 1.3450, the psychological number. The technical bias shall remain bullish as long as the 1.3450 support zone is intact.
How USDCAD Reacted on Past Retail Sales Reports
The USD/CAD didn’t show any noticeable movement after the release of Canada’s retail sales reports if we look at the last two month’s data. This is because the retail sales news is considered a medium-level volatile data and the last two reports were in line with the projections of economists.
Trade Idea
Considering the overall technical and fundamental outlook, selling the pair around current levels can be a good strategy in short to medium term.
What Assets to Trade after Retail Sales News
It is recommended to trade USDCAD and Crude Oil amid Canada’s retail sales news. In addition, CAD/JPY, EUR/CAD and GBP/CAD can also be traded following the retail sales release.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips (additional fees may apply). Open your FXOpen account now or learn more about trading forex with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
Meta Platforms: Strong Earnings Fail to Support the Share Price
Meta's revenue rose by 33% year-on-year in the first quarter of 2026, reaching $56.3 billion. Adjusted earnings per share came in at $7.31, comfortably ahead of the consensus forecast of $6.67. However, the positive earnings results were
Euro Stabilises After Sell-Off as Markets Await US CPI and Bank of Canada Meeting
The euro is showing signs of a modest recovery following a sharp decline triggered by a strong US employment report and increased demand for safe-haven assets amid escalating geopolitical tensions in the Middle East. Robust Nonfarm Payrolls data confirmed the
NVIDIA: Record Revenue Sustains Interest, but Shares Remain Under Pressure
NVIDIA's revenue for the first quarter of fiscal year 2027 surged by 85% to $81.62 billion, marking another record quarter for the company. Adjusted earnings per share came in at $1.87, exceeding the Wall Street consensus forecast of