USD/CAD extends slide to fresh multi-week lows below 1.3450

• USD/CAD continues to push lower in early American session. 
• Retail Sales in Canada rose by 18.7% in May.
• US Dollar Index stays below 96.00 on Tuesday. 

After breaking below 1.3500, the USD/CAD pair extended its daily slide and touched its lowest level since June 16th at 1.3438. As of writing, USD/CAD was down 0.58% on a daily basis at 1.3454.

CAD rises on Retail Sales data, surging crude oil prices

The data published by Statistics Canada on Tuesday revealed that Retail Sales in May surged by 18.7% on a monthly basis. Although this reading came in slightly lower than the previous estimate of 19.1% and the market expectation of 20%, the loonie continued to gather strength against its American counterpart.

Additionally, the sharp upsurge witnessed in crude oil prices provided an additional boost to the commodity-related loonie. At the moment, the barrel of West Texas Intermediate is up 3.55% on the day at $42.13.

On the other hand, the greenback is having a hard time finding demand in the risk-positive market environment, allowing the bearish pressure to remain intact. At the moment, the US Dollar Index is down 0.05% on the day at 95.76.

The only data from the US showed that the Federal Reserve Bank of Chicago's National Activity Index improved slightly from 3.5 to 4.11 but was largely ignored by market participants.

Technical levels to watch for