USDCAD rejected an important resistance level.

Not only was the 1.3152 level was the 161% extension of the recent 1.3030-1.3100 range, but it was also the underside of the multi year trend line that had broken back in December (dotted line). While we trade below this level the bears remain in control, but tomorrow’s retail sales could make or break the playbook for the USDCAD bearish stance.