USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.76% against the CAD and closed at 1.3323 on Friday.
The Canadian Dollar lost ground, after Canada’s retail sales unexpectedly dropped by 0.1% on a monthly basis in August, declining for a third straight month and defying market expectations for a rise of 0.3%. In the prior month, retail sales had registered a revised drop of 0.2%. Meanwhile, the nation’s consumer price index (CPI) rose less-than-expected by 0.1% MoM in September, against market expectations for a rise of 0.2% and following a drop of 0.2% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.3353, with the USD trading 0.23% higher against the CAD from Friday’s close.
The pair is expected to find support at 1.3263, and a fall through could take it to the next support level of 1.3173. The pair is expected to find its first resistance at 1.3401, and a rise through could take it to the next resistance level of 1.3449.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
