USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose marginally against the CAD to close at 0.9929.
Wholesales sales in Canada climbed 0.7% (MoM) in November, compared to a downwardly revised 0.8% growth recorded in the previous month. Market had expected the wholesale sales to rise 0.5% (MoM) in November.
In the Asian session, at GMT0400, the pair is trading at 0.9919, with the USD trading 0.10% lower from yesterday’s close.
The pair is expected to find support at 0.9904, 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 0.9937, and a rise through could take it to the next resistance level of 0.9956.
Trading trends in the pair today are expected to be determined by the release of retail sales data in Canada.
The currency pair is trading below its 20 Hr moving average and is showing convergence with its 50 Hr moving average.
