USD/CAD: Weak Retail Sales Put Downtrend Under Threat
Boston, June 21.
USD/CAD is probing through daily downtrend resistance in the wake of a weaker- than-forecast Canadian retail sales report. Stops are particularly thick in the 1.0725 area, dealers report, with macro names expected to cover stale shorts if a move above the downtrend is sustained. USD./CAD has squirted at as high as 1.0713 thus far.
USD/CAD: Less than exciting price action unless CAD longs are forced to sell
USD/CAD has regained a bid once again, but the bids have been difficult to sustain recently. Reason for that is the vast majority still loves CAD. Only way the mkt can solidly break through 1.0739 today is if CAD longs are forced to sell some.