USD/CAD tests intra-week lows around 1.0710

FXStreet (San Francisco) - The USD/CAD declined to fresh lows since July 18 around 1.0710 following Canadian retail sales data.

Earlier in the day, the USD/CAD declined from the 1.0745 area to bounce back at 1.0710; however the pair failed to recover more ground and it was rejected by the 1.0725 pre-data.

Canadian Retail sales rose 0.7% in May; previous month revised 2 bps up to 1.3%. Overall above expectations.

Currently, USD/CAD is trading at 1.0727, down 0.10% on the day, having posted a daily high at 1.0744 and low at 1.0709. USD/CAD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bearish.

USD/CAD levels

If the pair manages to break below the 1.0710 area, next supports would be 1.0690 and the 1.0625 area. On the upside, 1.0725, 1.0760 and 1.0790 are resistances.