USDCAD Movement
For the 24 hours to 23:00 GMT, the USD slightly declined against the CAD and closed at 1.3070.
In the Asian session, at GMT0400, the pair is trading at 1.3067, with the USD trading marginally lower against the CAD from yesterday’s close.
The pair is expected to find support at 1.3021, and a fall through could take it to the next support level of 1.2974. The pair is expected to find its first resistance at 1.31, and a rise through could take it to the next resistance level of 1.3132.
With no major economic releases in Canada today, traders would turn their attention to Canada’s crucial inflation numbers for January and retail sales data for December, both due to release next week.
The currency pair is trading above its 20 Hr moving average and showing convergence with its 50 Hr moving average.
