USD/CAD: Loonie extends its losing streak against the dollar this morning


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 1.16% against the CAD and closed at 1.3140 on Friday. Meanwhile, Canadian retail sales recorded a rise of 0.9% in November, on a monthly basis. Retail sales had fallen by a revised 1.1% in the previous month. The reversal was primarily driven by an increase in sales at motor vehicle and parts dealers as well as food and beverage stores.

In the Asian session, at GMT0400, the pair is trading at 1.3158, with the USD trading 0.14% higher against the CAD from Friday’s close.

The pair is expected to find support at 1.3130, and a fall through could take it to the next support level of 1.3102. The pair is expected to find its first resistance at 1.3175, and a rise through could take it to the next resistance level of 1.3192.

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

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