USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.11% against the CAD to close at 0.9897.
In Canada, wholesale sales fell 0.1% (MoM) in June, marking its first drop in five months and compared to the market expectation of 0.3% rise.
In the Asian session, at GMT0300, the pair is trading at 0.9904, with the USD trading 0.07% higher from yesterday’s close.
The pair is expected to find support at 0.9861, and a fall through could take it to the next support level of 0.9817. The pair is expected to find its first resistance at 0.9930, and a rise through could take it to the next resistance level of 0.9955.
Trading trends in the pair today are expected to be determined by the release of Canadian retail sales data which is expected to show a rise of 0.1% (MoM) in June. Investors also await the Bank of Canada Governor Mark Carney speech, later in the day.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
