CAD: Inflation, Retail Sales Due – Has Oil Peaked?

With forecast Retail Sales already on the low, A worse-than-expected figure combined with in-line or worse inflation data could see USD/CAD blast through trendline and horizontal resistance between 1.31700 – 1.32150. Should this come to fruition, will look for a long position on a retrace back toward support (previously resistance)

Further momentum to the upside also exists on USD/CAD as Crude Oil hits trendline resistance and psychological $50 barrier.

4-Hour USD/CAD

4-Hour Crude Oil

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by Drakopoulos

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