USD/CAD: Loonie trading flat amid lack of economic releases in the Canadian economy

USDCAD

USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose marginally against the CAD to close at 1.1032.

On the economic front, retail sales in Canada rose 0.5% (MoM) for the second consecutive month in February to C$41.03 billion, compared to market expectations for a 0.4% (MoM) rise.

In the Asian session, at GMT0300, the pair is trading at 1.1032, with the USD trading flat from yesterday’s close.

The pair is expected to find support at 1.1013, and a fall through could take it to the next support level of 1.0994. The pair is expected to find its first resistance at 1.1053, and a rise through could take it to the next resistance level of 1.1074.

Amid lack of economic releases from Canada, later today, traders would keep a tab on global economic news, along with US durable goods orders data, for further cues in the pair.

The currency pair is showing convergence with its 20 Hr moving average and is trading just above its 50 Hr moving average.

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