USD/CAD: Canada’s wholesale sales climbed in February

USDCAD

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 8.28% against the CAD and closed at 1.4122.

On the data front, Canada’s wholesale sales rose 0.7% on a monthly basis in February, compared to a rise of 1.8% in the prior month.

In the Asian session, at GMT0300, the pair is trading at 1.4162, with the USD trading 0.28% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.4070, and a fall through could take it to the next support level of 1.3978. The pair is expected to find its first resistance at 1.4216, and a rise through could take it to the next resistance level of 1.4270.

Moving forward, investors would keep a close watch on Canada’s retail sales for February, slated to release later today.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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