USD/CAD bouncing off lows, around 1.3250

The Canadian Dollar is trading on a firm note on Thursday, dragging USD/CAD to fresh daily lows near 1.3250 following the release of April’s retail sales.

USD/CAD offered post-data

CAD gathered extra buying interest after upbeat results in the Canadian docket saw retail sales expanding at a monthly 0.8% in April, while sales excluding the Autos sector also rose above estimates 1.5% inter-month.

Adding to CAD solid performance, the barrel of West Texas Intermediate is showing some signs of life around $42.80, managing to leave behind yesterday’s 7-month lows in the $42.00 neighbourhood.

Ahead in the day, FOMC’s J.Powell (permanent voter, centrist) is due to speak, while critical Canadian inflation figures for the month of May are due tomorrow.

USD/CAD significant levels

As of writing the pair is losing 0.64% at 1.3250 and a break below 1.13189 (low Jun.19) would aim for 1.3163 (low Jun.14) and finally 1.3007 (low Feb.16). On the flip side, the initial up barrier lines up at 1.3341 (200-day sma) followed by 1.3349 (high Jun.21) and then 1.3382 (20-day sma).