Sell on a level breakthrough of 1.2200 with 1.2127 target. Stop loss = 1.2250.
Reason for the trading strategy
Today at 12.30 GMT, the data on retail sales and inflation in Canada will be published. A 0.7% (m/m) increase is expected in the first indicator in April, and a 0.4% (m/m) increase is expected in the second one in May. We believe the statistics will support the Loonie. At a breakthrough of the 1.2200 level, opening short positions for the USD/CAD pair is worth considering