USD/CAD Outlook (23 December 2019)

Overall, USD/CAD is trending downwards. Recently, USD/CAD trended higher, tested but failed to break the resistance level.
The Canadian retail sales m/m data released last Friday was worse than forecasted. As a result, the Canadian dollar weakened.

Core Retail Sales m/m (Actual: -0.5%, Forecast: 0.2%, Previous: 0.2%)
Retail Sales m/m (Actual: -1.2%, Forecast: 0.5%, Previous: -0.1%)

The Canadian GDP m/m data (Forecast: 0.1%, Previous: 0.1%) will be released later at 2130 (SGT).
If the released data is better than (or worse than) forecasted, the Canadian dollar may strengthen (or weaken) respectively.
Currently, USD/CAD is moving towards the resistance level of 1.31800 and the next support level is at 1.30600.
Stay out of USD/CAD for now.

Analysis will resume on 27 December 2019.
Merry Christmas to you!