The US dollar against the Canadian dollar is falling
USD/CAD falls to the downside despite stronger US durable goods, weaker retail sales in Canada, and a stronger University of Michigan (but lower inflation expectations). Preliminary retail sales for April in Canada showed a 0.7% increase which could support the currency a bit.
Looking at the hourly chart, the price is now back below the 200-bar MA on the 4-hour chart at 1.36917, and is looking towards the converging 100-bar MA and the 100-bar MA on the 4-hour chart. At 1.3668. Below that, the 200 hour moving average is at 1.36469.
With the double moving averages at the same level, this would increase the importance of the levels. As a result, I expect to see dip buyers lean against the level (at 1.3668) with stops on a break below.
