The headline Retail Sales increased 1 %. Ex Autos +0.5%. Both better than expectations (0.5% and 0.4% expectations).
Cars rose by 2.8% MoM
Food and Beverages increased by 0.2% MoM
Gasoline increased by 0.8% MoM
General Merchandise increased by 0.7% MoM
Despite the better than expected number the USDCAD found support on the dip and has extended the days range to the upside. The market will be looking for momentum to continue for the pair.
The hourly chart has also extended higher above trendline resistance at the 1.0396 level. Staying above this level keeps the bulls in charge.
Finally on the daily chart, the next key target comes in at the 1.0446 which is channel resistance for the pair. The bias on it is positive having moved above the 61.8% of the last leg down yesterday, and finding buyers against that area today (at 1.03637)