Firmer oil prices eases USDCAD off....>

DOLLAR-CANADA: Firmer oil prices eases USDCAD off its best levels of the day

toward the C$1.3320/25 area. Despite this, the recent uptrend remains intact and

continues to generate outright bullish momentum according to the MNI FX

Technical Signal Monitor. The 50-dma provides the next layer of resistance at

C$1.3361, a break opens the 21-dma & Jan 7 high at C$1.3388/91. EURCAD has eased

to C$1.5132 and will be looking to form a base ahead of the 100-dma & up

trendline at C$1.5121/13. Topside focus remains on a break of the Jan 22 high &

200-dma at C$1.5182/90, above here opens the Jan 11 high & 38.2% retracement of

2018 range at C$1.5265/94. Meanwhile AUDCAD has charted a symmetrical triangle,

suggesting a breakout is imminent (See MNI Analysis email Jan 22 - 1328GMT). The

base of the triangle comes in today at C$0.9496, with bears targeting the

100-dma & 50% retracement level at C$0.9465/45. Last C$0.9505. Also, a reminder

today of Canadian Retail Sales at 1330GMT. RBC are forecasting a 0.7% m/m

decline in nominal sales (close to consensus), largely due to a fall in gasoline

station receipts. The more interest rate sensitive autos sector is also expected

to see a decline (0.9%).