USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.10% against the CAD to close at 0.9907.
The Loonie came under pressure after retail sales in Canada unexpectedly fell 0.4% (MoM) in June, against the market expectation of 0.1% rise.
Meanwhile, the Bank of Canada (BoC) Governor, Mark Carney, stated that strong Canadian dollar is not the only reason exporters are facing tough times, and that a lack of exposure to faster-growing emerging markets remains a key contributor to poor export performance. He further added that Canada’s export performance over the last decade has been the second worst in the G20 grouping of major and emerging nations.
In the Asian session, at GMT0300, the pair is trading at 0.9897, with the USD trading 0.10% lower from yesterday’s close.
The pair is expected to find support at 0.9876, and a fall through could take it to the next support level of 0.9854. The pair is expected to find its first resistance at 0.9933, and a rise through could take it to the next resistance level of 0.9968.
The currency pair is trading between its 20 Hr and 50 Hr moving averages.
