USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.70% against the CAD to close at 0.9994, as weak manufacturing data in Euro-zone and China rekindled concerns over global growth and reduced the appetite for higher-yielding assets.
Additionally, less-than-expected rise in the Canadian retail sales during January also weighed on the Canadian Dollar.
In economic news, Canadian retail sales rose 0.5% (MoM) in January, against the market expectation of 1.8% growth.
Meanwhile, in the US, initial jobless claims fell 5,000 to a seasonally adjusted 348,000, the lowest level since February 2008.
In the Asian session, at GMT0400, the pair is trading at 0.9999, with the USD trading 0.05% higher from yesterday’s close.
The pair is expected to find support at 0.9941, and a fall through could take it to the next support level of 0.9884. The pair is expected to find its first resistance at 1.0032, and a rise through could take it to the next resistance level of 1.0066.
Trading trends in the pair today are expected to be determined by the release of Consumer Price Index in Canada
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
