USD/CAD: Loonie trading on a stronger footing, ahead of key economic releases in Canada


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 0.38% against the CAD and closed at 1.2831.

In the Asian session, at GMT0300, the pair is trading at 1.2825, with the USD trading 0.05% lower against the CAD from yesterday’s close.

The pair is expected to find support at 1.2768, and a fall through could take it to the next support level of 1.2710. The pair is expected to find its first resistance at 1.2865, and a rise through could take it to the next resistance level of 1.2904.

This afternoon will bring a pair of crucial Canadian releases, namely consumer inflation for April and retail sales data for March.

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

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