- USD/CAD breaks the 1.2800 handle on the back of USD strength.
- Next on tap, the US Retail Sales on Tuesday at 12:30 GMT is the next market moving event.
The USD/CAD pair is trading at around 1.2800 on Monday as the American session came to a close.
The Loonie mainly traded sideways in the Asian and European session. A few hours after the American forex open USD/CAD found an intraday floor at 1.2750 and then gained a little more than 50 pips to trade now just above the 1.2800 handle.
USD/CAD advance is mainly due to USD strength which was seen across the board against most major currencies pairs. The US Dollar Index (DXY) has erased its losses seen earlier in the day and is currently trading above the 92.60 level.
The market is going to take its cues from the US Retail Sales data at 12:30 GMT on Tuesday and volatity is to be expected on the news release.
USD/CAD 4-hour chart
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The short-term trend is bullish and resistance is seen at 1.2850 previous supply level with the 50 and 100-period simple moving averages. Immediate support is seen at the 1.2800 handle while further down the 1.2775 with the 200-period simple moving average should also provide some support if reached.
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