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USDCAD : Canadian Retail Sales Data Pulls the Pair Down, But Still Seems Supported

US dollar dips against Canadian Dollar today after the Statistics Canada reported that the Retail Sales data showed that the Retail sales rose for the sixth consecutive month by 1.1% beating the economist’s expectation of an increase by .3%. The core retail sales which excludes automobiles increased by 1.5% beating the economist’s estimate of an increase by .4%.

USDCAD : 4 Hour Chart

On the 4 hour chart, the pair seems like found support from the 100 day SMA so after declining yesterday it again rose from this SMA. Today the pair is fluctuating ahead of Yellen speech at 10 AM EDT. The trend seems to be uptrend and most probably the 100 day SMA might prevent the pair in falling below this level. Even if it declines the pair will again find support from the rising support trend line. Also seems like the pair is currently testing the support at 1.0948 which was earlier acting as resistance for the pair.