USD/CAD: Canada’s retail sales posted a modest rise in June

USDCAD

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD marginally rose against the CAD and closed at 1.2567.

On the economic front, Canada’s retail sales rose 0.1% MoM in June, lower than market expectations for a rise of 0.2%. Retail sales had recorded a revised rise of 0.5% in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.2577, with the USD trading 0.08% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.2537, and a fall through could take it to the next support level of 1.2497. The pair is expected to find its first resistance at 1.2606, and a rise through could take it to the next resistance level of 1.2635.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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