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Canadian Retail Sales and USD/CAD Technicals

Canadian retail sales in May rose 0.7%, led by a 2.5% increase in motor vehicle and parts sales. Forecast called for about a 0.6% growth. April's reading was revised up to 1.3% from 1.1%. 

(source: StatCan)

The core reading which excludes the strong automobile sales, came in only at 0.1%, which missed forecast of 0.3%. April's reading was revised up to 0.8% from 0.7%. 

The release virtually had no impact on the USD/CAD which is trading at the crossroads as you can see in the 4H chart.

USD/CAD 4H Chart:

Price is in the middle of July's consolidation range.  A break below 1.07 should refocus price action toward the 1.0620 low with bearish bias. 

When you look at the daily chart, you can see that price has held below a falling trendline, adding more reason to believe that a break below 1.07 can keep the USD/CAD bearish, with the 1.06 handle in sight.
USD/CAD Daily Chart 7/23

On the other hand, a break above 1.08 will clear above the falling trendline and suggest a significant period of consolidation, if not a bullish reversal.