USD/CAD: Loonie trading a tad lower this morning


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD slid 0.07% against the CAD and closed at 1.3345.

In economic news, Canada’s retail sales fell 0.9% on a monthly basis in November, amid slump in sales at motor vehicle and parts dealers and at gasoline stations. In the previous month, retail sales had recorded a revised rise of 0.2%. Market participants had expected retail sales to drop 0.6%.

In the Asian session, at GMT0400, the pair is trading at 1.3346, with the USD trading slightly higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.3311, and a fall through could take it to the next support level of 1.3275. The pair is expected to find its first resistance at 1.3376, and a rise through could take it to the next resistance level of 1.3405.

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

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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