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Intraday bias - Bearish
USDCAD trades higher despite positive Canadian retail sales data. It rose 0.9% in Apr compared to a forecast of 0.80%. Core retail sales excluding automobiles surged 1.3% vs. an estimate of 0.50%. The minor weakness in crude oil price also puts pressure on the Canadian dollar. Technically in the 4- hour chart, the pair is holding above the short-term (21- and 55 EMA) and the long-term moving average of 200 MA (1.27954). Any close below 1.2900confirms a bearish continuation. A dip to 1.2860/1.2800 is possible USDCAD hits an intraday low of 1.29748 and is currently trading around 1.29662.
The near-term resistance is around 1.300, any breach above targets 1.3080/1.3150.
Indicators (4 Hour chart)
CCI (50)- Bullish
ADX- Bullish
It is good to buy on dips around 1.2918-20 with SL around 1.2860 for TP of 1.3080.
