USD/CAD: Canada’s annual inflation growth softer-than-anticipated in March


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.69% against the CAD and closed at 1.2753 on Friday.

The Canadian Dollar declined against the USD, following weaker-than-expected rise in Canadian inflation.

Data indicated that Canada’s consumer price index (CPI) advanced 2.3% on an annual basis in March, less than market expectations for a gain of 2.4%. In the prior month, the CPI had risen 2.2%. Meanwhile, the nation’s retail sales grew 0.4% MoM in February, meeting market expectations and compared to a revised increase of 0.1% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.2755, with the USD trading marginally higher against the CAD from Friday’s close.

The pair is expected to find support at 1.2669, and a fall through could take it to the next support level of 1.2582. The pair is expected to find its first resistance at 1.2806, and a rise through could take it to the next resistance level of 1.2856.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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