Forex: USD/CAD printing fresh highs ahead of sales

FXstreet.com (Barcelona) - The greenback is gaining ground against the Loonie on Tuesday, ahead of November Retail Sales in Canada. Prior surveys expect the sales to come flat on a monthly basis and to rise 0.1% in its core reading, down from October's +0.7% and +0.5%, respectively.

"USDCAD retains a firmer bias despite trading in narrow ranges since the start of the week. The CAD has slipped broadly on the crosses today and we think that short-term upside risks will extend for USDCAD above 0.9935/40 intraday for a retest of the upper 0.99 resistance zone. Support is 0.9885/00", comments the research team at TD Securities.

At the moment, the pair is up 0.16% at 0.9947 with the next resistance at 0.9963 (Upper Bollinger) ahead of 0.9977 (high Dec.31) and then 0.9982 (MA200d).
On the flip side, a drop below 0.9855 (low Jan.18) would bring 0.9843 (low Jan.17) en route to 0.9838 (low Jan.16).