USDCAD trades higher at weekly top amid broad USD strength after macro data released earlier today showed that retail sales rose 0.5% in May and April’s data was revised higher. Core sales also gained 0.5% MoM and Retail Sales Control expanded more than expected 0.5% inter-month. Industrial Production expanded 0.4% MoM in May and Manufacturing Production gained 0.2% from a month earlier, both figures beat economist’s estimates. The only disappointment came from the University of Michigan’s Consumer Confidence Index which fell to 97.9 in June’s preliminary reading from 100 in May and came in slightly worse than the consensus expectation of 98.
The pair is trading at daily high at 1.3401 breaching above the 100 and 150 day moving average earlier today and reaffirm the bullish momentum that might trigger some aggressive technical buying, sending the pair to the next resistance at 1.3411 where the 50 day moving average crosses. On the flipside first support stands at 1.3350 the 100 day moving average while extra support will be met at 1.3240 the weekly low.