USD/CAD: Canada’s inflation slowed more-than-estimated in September, retail sales surprisingly declined in August


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.21% against the CAD and closed at 1.3109 on Friday, amid weak economic data.

On the macro front, Canada’s consumer price index (CPI) climbed 2.2% on an annual basis in September, undershooting market consensus for a rise of 2.7%. In the previous month, the CPI had registered a gain of 2.8%.

Additionally, the nation’s retail sales unexpectedly eased by 0.1% on a monthly basis in August, defying market expectation for an advance of 0.3%. In the preceding month, the retail sales recorded a revised increase of 0.2%.

In the Asian session, at GMT0300, the pair is trading at 1.3102, with the USD trading 0.05% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3043, and a fall through could take it to the next support level of 1.2983. The pair is expected to find its first resistance at 1.3147, and a rise through could take it to the next resistance level of 1.3191.

Amid lack of economic releases in Canada today, traders would focus on global macroeconomic events for further direction.

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

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