USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.34% against the CAD and closed at 1.3271 on Friday.
Data indicated that Canada’s consumer price index (CPI) rose by 2.2% on an annual basis in May, less than market expectations for a gain of 2.6%. The CPI had recorded a similar reading in the prior month.
On the other hand, the nation’s retail sales unexpectedly declined by 1.2% on a monthly basis in April, suggesting weakness in the Canadian economy. Retail sales had registered a revised advance of 0.8% in the previous month, while investors had envisaged for a flat reading.
In the Asian session, at GMT0300, the pair is trading at 1.3297, with the USD trading 0.20% higher against the USD from Friday’s close.
The pair is expected to find support at 1.3245, and a fall through could take it to the next support level of 1.3194. The pair is expected to find its first resistance at 1.3365, and a rise through could take it to the next resistance level of 1.3434.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
