USD/CAD: Canada’s consumer price index rose as estimated in March


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.10% against the CAD and closed at 1.3349.

Data showed that Canada’s consumer price index (CPI) advanced 1.9% on a yearly basis in March, meeting market consensus and compared to a rise of 1.5% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.3352, with the USD trading marginally higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3298, and a fall through could take it to the next support level of 1.3245. The pair is expected to find its first resistance at 1.3382, and a rise through could take it to the next resistance level of 1.3413.

Looking ahead, investors would keep an eye on Canada’s retail sales for February, slated to release later in the day.

The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.

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