USD/CAD Technical Analysis: Free fall below 1.3200 as Canadian Retail Sales beat estimates

• USD/CAD fell almost 140 pips from its daily high as the Canadian Retail Sales in May rose to 2% versus 1.1% expected.  
• USD/CAD is now back below 1.3155 support level. However, given the current strong momentum, the market might need to test 1.3120 or beyond to find some decent support.  
• USD/CAD is now trading below all its main moving averages suggesting a slowdown of the bull trend.  

USD/CAD 15-minute chart

Spot rate:                   1.3158
Relative change:         -0.99%  
High:                          1.3292
Low:                           1.3138

Trend:                         Bullish / bearish correction

Resistance 1:            1.3155 June 18 low
Resistance 2:            1.3200 figure  
Resistance 3:            1.3271 June 29 high  
Resistance 4:            1.3350 figure
Resistance 5:            1.3388, 2018 high
Resistance 6:            1.3543 June 9, 2017 swing high

Support 1:                 1.3120 demand level
Support 2:                 1.3066-1.3053 last week’s low and June 5, swing high
Support 3:                 1.2974 May 9 high
Support 4:                 1.2900 figure