USD/CAD Outlook (22 November 2019)

Overall, USD/CAD is trending upwards. Recently, USD/CAD trended lower, breaking the key level of 1.33 downwards after Bank of Canada (BoC) Governor Stephen Poloz said yesterday that the BoC “have monetary conditions about right”, as opposed to BoC’s Wilkins’s dovish comments on the possibility of cutting interest rate.
The Canadian retail sales data will be released later at 2130 (SGT).

Core Retail Sales m/m (Forecast: -0.1%, Previous: -0.2%)
Retail Sales m/m (Forecast: -0.3%, Previous: -0.1%)

Note that retail sales in Canada is declining. If the released data are worse than or as forecasted, the Canadian dollar may weaken and so look for buying opportunities of USD/CAD after breaking the resistance level of 1.33300.
Its next support level is at 1.31800.