Tests a topside trend line
The retail sales headline was a beat, but ex auto and parts, the data was a different story at -0.2% vs 0.5% expected. The YoY CPI was a touch lighter as well at 2.2% vs 2.3%, although the other measures came in as expected.
The initial reaction for the USDCAD has been to the upside.
Looking at the hourly chart, the price spiked above the 100 and 200 hour MA at 1.28136 and 1.28278 respectively and also above a trend line at 1.2844. However, a higher trend line at 1.28807 has stalled the rise on the first look. The high reached 1.2879. A break will be eyed.
The pair currently trades at 1.2861 below that higher trend line level, but above the lower trend line level. Look for the break.
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