Retail sales in the United States decreased more than forecasted in November. Initial claims for state unemployment benefits in the US decreased by 20,000. Oil prices fell by roughly 2% as traders fretted about the future of fuel demand. Today’s USD/CAD price analysis is bullish as the dollar strengthens against the Canadian dollar. Retail sales in the United States decreased more than forecasted in November. Still, consumer spending was buoyed by a tight labor market last week, when the number of Americans applying for unemployment benefits dropped to its lowest level in five months. -Are you looking for automated trading? Check our detailed guide- After an unrevised 1.3% increase in October, retail sales dropped 0.6% last month, the worst since December 2021. Economists anticipated a 0.1% decline in sales. November saw a 6.5% annual increase in retail sales. During the week ending December 10, initial claims for state unemployment benefits decreased by 20,000 to a seasonally adjusted 211,000. Even though there has been a surge of layoffs in the technology industry, claims have remained below the 270,000 barrier, which economists warned would raise a warning sign for the labor market. On Thursday, oil prices fell by roughly 2% as traders fretted about the future of fuel demand due to a stronger dollar and additional interest rate increases by international central banks. This hurt the Canadian dollar. Even as the economy veers into a potential recession, Federal Reserve Chair Jerome Powell said on Wednesday that the US central bank would increase interest rates further next year. The Bank of England and the European Central Bank hiked interest rates on Thursday to combat inflation. Oil costs more for people using other currencies when the US dollar is stronger. USD/CAD key events today There won’t be any key economic releases from the United States or Canada. The price might therefore consolidate. Get FREE Forex Signals Now! USD/CAD technical price analysis: Strong barrier for bulls at the 1.3675 level The price currently trades above the 30-SMA after failing to break the 1.3675 resistance level. This has been a difficult level to break, and it has stopped bulls many times before. -If you are interested in forex day trading then have a read of our guide to getting started- The price is pulled back close to the 30-SMA and is now looking ready to bounce higher. A break below the SMA would show the price consolidating with the 1.3675 level as resistance and the 1.3537 level as support. However, if the 30-SMA holds support, the price might retest and surpass the 1.3675 resistance. 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 GBP/USD Price Eying Drop Below 1.2156, Awaiting Key Data Olimpiu Tuns 1 month Retail sales in the United States decreased more than forecasted in November. Initial claims for state unemployment benefits in the US decreased by 20,000. Oil prices fell by roughly 2% as traders fretted about the future of fuel demand. Today’s USD/CAD price analysis is bullish as the dollar strengthens against the Canadian dollar. Retail sales in the United States decreased more than forecasted in November. Still, consumer spending was buoyed by a tight labor market last week, when the number of Americans applying for unemployment benefits dropped to its lowest level in five months. -Are you looking for automated trading?… 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.