Canadian retail sales increased by 1.4% in October. Canada’s October retail sales increase was the highest in the previous five months. Oil prices increased over concerns that millions of Americans would cancel travel plans. Today’s USD/CAD forecast is slightly bearish. According to data released Tuesday, Canadian retail sales increased by 1.4% in October from September. Still, the estimate for November shows a monthly fall of 0.5% as we approach the Christmas shopping period and after seven interest rate rises this year. –Are you interested to learn more about day trading brokers? Check our detailed guide- Although it was somewhat below the 1.5% increase analysts had predicted, October’s retail sales increase was the highest in the previous five months. According to Statistics Canada, price hikes at petrol stations and in food and drink were the main factors driving October’s sales. The Bank of Canada raised interest rates at a rapid pace of 400 basis points in just nine months, to 4.25%, to control inflation, which was 6.9% in October. This level was previously reached in January 2008. Bank Governor Tiff Macklem stated that future policy rate determination would depend more on facts. Wednesday is the deadline for November consumer prices, while Friday is the deadline for October gross domestic product data. The rise in oil prices also supported the Canadian dollar. Oil prices increased as concerns that millions of Americans would cancel travel plans over the holiday season arose from the worsening forecast for a significant winter storm in the United States. A weaker dollar and a US effort to replenish petroleum stocks helped to boost oil prices, although concerns about the impact of an increase in COVID-19 cases in China restrained gains. USD/CAD key events today From the US, investors will be watching the CB consumer confidence and existing home sales reports. Canada will release inflation figures for November. Investors expect the core CPI to drop from 0.4% to 0.2%. Get FREE Forex Signals Now! USD/CAD technical forecast: Consolidation between the 30-SMA and 1.3600 support USD/CAD forecast USD/CAD consolidates in a tight range with support at the 1.3600 level and resistance at the 30-SMA. The RSI is currently below 50, pointing to stronger bearish momentum. The bears need to gather enough strength to break below the 1.3600 support. –Are you interested to learn more about forex options trading? Check our detailed guide- If this happens, the price will head for the next support level at 1.3537. However, if the price breaks above the 30-SMA, we might see a return to the 1.3700 resistance level. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next USD/CAD Forecast: Canada’s Inflation Eases Less than Expected Saqib Iqbal 1 month Canadian retail sales increased by 1.4% in October. Canada's October retail sales increase was the highest in the previous five months. Oil prices increased over concerns that millions of Americans would cancel travel plans. Today's USD/CAD forecast is slightly bearish. According to data released Tuesday, Canadian retail sales increased by 1.4% in October from September. Still, the estimate for November shows a monthly fall of 0.5% as we approach the Christmas shopping period and after seven interest rate rises this year. –Are you interested to learn more about day trading brokers? Check our detailed guide- Although it was somewhat below… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.