USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.32% against the CAD to close at 1.0218, as concerns that Euro-zone debt crisis is worsening curbed demand for riskier assets.
In Canada, retail sales rose 0.3% (MoM) in May, compared to the market expectation of 0.5% rise.
In the Asian session, at GMT0300, the pair is trading at 1.0216, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 1.0172, and a fall through could take it to the next support level of 1.0128. The pair is expected to find its first resistance at 1.0246, and a rise through could take it to the next resistance level of 1.0276.
Trading trends in the pair today are expected to be determined by the release of Teranet/National Bank house price index data in Canada.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
