Today at 13:30 GMT we’ll have a key indicator from Canada, as the Core Retail Sales for September will be released and market’s analysts are expecting a positive data from 0.0% to 0.5%. From June, the data hasn’t been showing gains across the board and that’s why it could be a market mover in the CAD pairs. However, if we see a weak data or between the expected range, we won’t see strong volatility after the release.
Our technical analysis for USD/CAD at H4 chart is showing a bullish channel developing and it could support further gains of the greenback against the Loonie. If we see a rebound, that should mean a weak core retail sales’ data, the pair may test the resistance level of 1.3465 and break it to reach the 1.3576 price zone. However, if the Loonie manages to consolidate below the 200 SMA, then it can test the 1.3276 level, which should happen with a better-than-expected data.
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Origin: FX BAZOOKA
