USD/CAD: Canada’s retail sales rebounded less than anticipated in May


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD declined 0.58% against the CAD and closed at 1.3452.

On the data front, Canada’s retail sales surged 18.7% on a monthly basis in May, less than market expectations for a rise of 20.0% and compared to a revised fall of 25.0% in the previous month. On the flipside, the new housing price index rose 1.3% on an annual basis in June, compared to a rise of 1.1% in the previous month.

In the Asian session, at GMT0300, the pair is trading at 1.3447, with the USD trading marginally lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.3408, and a fall through could take it to the next support level of 1.3369. The pair is expected to find its first resistance at 1.3503, and a rise through could take it to the next resistance level of 1.3559.

Moving ahead, traders would keep a watch on Canada’s consumer price index for June, slated to release later today.

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

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