USD/CAD tumbles to lows near 1.2530 on retail sales

The Canadian Dollar has now gathered extra traction and is relegating USD/CAD to the area of daily lows in the 1.2535/30 band.

USD/CAD offered on data

Spot met sellers after Canadian headline retail sales expanded at a monthly 0.1% in June (vs. 0.3% forecasted), while sales excluding the Autos sector expanded above expectations 0.7% inter-month.

CAD is also deriving support from yields of the Canadian 10-year benchmark, currently climbing to fresh tops near 1.94%, recording fresh multi-day peaks at the same time.

On the other hand, the barrel of West Texas Intermediate is down smalls in the $47.40r region, clinching its second consecutive daily decline.

USD/CAD significant levels

As of writing the pair is losing 0.23% at 1.2531 and it faces the immediate support at 1.2412 (2017 low Jul.27) seconded by 1.2124 (low Jun.18 2015) and then 1.2100 (psychological level). On the flip side, a breakout of 1.2604 (21-day sma) would expose 1.2658 (10-day sma) and finally 1.2738 (23.6% Fibo of the 2017 drop).