USD/CAD: Canada’s wholesale sales advanced in January


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 11.05% against the CAD and closed at 1.4483.

On the data front, Canada’s wholesale sales unexpectedly climbed 1.8% on a monthly basis in January, defying market anticipations for a drop of 0.2% and compared to a revised rise of 1.0% in the previous month.

In the Asian session, at GMT0400, the pair is trading at 1.4433, with the USD trading 0.35% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.4327, and a fall through could take it to the next support level of 1.4221. The pair is expected to find its first resistance at 1.4549, and a rise through could take it to the next resistance level of 1.4665.

In absence of any macroeconomic releases in Canada today, investor sentiment would be governed by global macroeconomic factors.

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

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