USD/CAD: Loonie trading on a weaker footing this morning


USDCAD Movement

For the 24 hours to 23:00 GMT, the USD rose 10.40% against the CAD and closed at 1.4398 on Friday.

On the data front, Canada’s retail sales rose 0.4% on a monthly basis in January, surpassing market expectations for an advance of 0.3% and compared to a flat reading in the prior month.

In the Asian session, at GMT0400, the pair is trading at 1.4430, with the USD trading 0.22% higher against the CAD from Friday’s close.

The pair is expected to find support at 1.4224, and a fall through could take it to the next support level of 1.4017. The pair is expected to find its first resistance at 1.4563, and a rise through could take it to the next resistance level of 1.4695.

Looking ahead, investors would keep a watch on Canada’s wholesale sales for January, slated to release in a few hours.

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

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