USD/CAD: Canada’s retail sales plunged in April


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.10% against the CAD and closed at 1.3609 on Friday.

On the data front, Canada’s retail sales plunged 26.4% on a monthly basis in April, more than market forecast for a drop of 15.1% and compared to a revised fall of 9.9% in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.3598, with the USD trading 0.08% lower against the CAD from Friday’s close.

The pair is expected to find support at 1.3554, and a fall through could take it to the next support level of 1.3510. The pair is expected to find its first resistance at 1.3636, and a rise through could take it to the next resistance level of 1.3674.

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

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