USDCAD Movement
For the 24 hours to 23:00 GMT, USD declined marginally against the CAD to close at 0.9922. The Canadian Dollar rose after its largest trading partner, US, reported better-than-expected retail sales for the month of July, and as crude oil, the Canada’s largest export, rose yesterday.
In the Asian session, at GMT0300, the pair is trading at 0.9923, with the USD trading stable from yesterday’s close.
The pair is expected to find support at 0.9906, and a fall through could take it to the next support level of 0.9890. The pair is expected to find its first resistance at 0.9940, and a rise through could take it to the next resistance level of 0.9958.
With no other major domestic economic releases today, the Canadian Dollar is likely to respond to the prevalent risk sentiment in the market.
The currency pair is converging with its 20 Hr and 50 Hr moving averages.
