The Canadian Dollar rose against the Dollar after Canadian retail sales rose more than expected in March and the most since February 2005, coming out at 2.1% vs. 0.2% forecast, in addition, government report showed faster inflation in April which supported the Canadian Dollar as well, CPI came out at 0.3% vs. 0.2% forecast. As long the USD/CAD above 1.0500 levels a long position is preferred. Overall, USD/CAD traded with a low of 1.0551 and with a high of 1.0751. No economic data expected today, Banks in Canada will be closed in observance of Victoria Day.

USD/CAD - Last: 1.0611

Resistance

1.0660

1.0745

 

Support

1.0550

1.0400

1.0300

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