USD/CAD Outlook (23rd January 2019)

• World Economic Forum annual meetings
  
• Core Retail Sales m/m
  

Price Movement
Since yesterday, USD/CAD has been moving within a 35pips range.

Trend
USD/CAD’s overall trend is downwards.

Macro Background
Core Retail Sales, which measures the change in the total value of sales at the retail level (excluding automobiles), is expected to perform poorer than the previous month.
If the released data is poorer than expected, USD/CAD may move upwards and break the current resistance level of 1.33351.

Important Issue
The first day of the World Economic Forum annual meeting will start today. Comments made by highly influential figures may cause market volatility.

Technical
USD/CAD is currently testing the resistance level of 1.33351.

Price Levels
Current Price: 1.33258
Next Resistance: 1.33351
Next Support: 1.32108