The staff at FXTimes.com takes a technical look at how the Canadian loonie retreated from a six-year high on Thursday as a direct result of the US dollar experiencing a minor setback following disappointing retail sales.
The USD/CAD’s linear path saw red on Thursday, as the US dollar suffered a mild setback following disappointing retail sales.
The USD/CAD declined around 70 pips to 1.2678 after bottoming out at 1.2615 in the morning session on Thursday. The pair had climbed to a fresh six-year high of 1.2793 on Wednesday, but struggled to make any notable advance past 1.28, which is considered the short-term cap.
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By the Staff of FXTimes.com
