USDCAD Movement
For the 24 hours to 23:00 GMT on Friday, USD rose 0.23% against the CAD to close at 0.9889.
The Canadian Dollar declined, after the nation’s inflation unexpectedly slowed in July, easing speculation that the central bank would raise interest rates anytime soon.
In Canada, the consumer price index (CPI) fell 0.1% (MoM) in July, against the market expectation to rise 0.2% in July. Meanwhile, on an annual basis, CPI rose 1.3% in July, following a 1.5% gain in June. Market had expected the CPI to rise 1.5% (YoY) in July.
In the Asian session, at GMT0300, the pair is trading at 0.9886, with the USD trading marginally lower from Friday’s close.
The pair is expected to find support at 0.9867, and a fall through could take it to the next support level of 0.9848. The pair is expected to find its first resistance at 0.9903, and a rise through could take it to the next resistance level of 0.9920.
The currency pair is trading just above its 20 Hr and 50 Hr moving average.
