USDCAD Movement
For the 24 hours to 23:00 GMT on Friday, the USD rose 0.42% against the CAD to close at 1.0220. The Canadian Dollar retreated amid another benign reading of Canada’s consumer price index for January and downbeat retail sales figures.
On an annual basis, the consumer price index (CPI) in Canada climbed 0.5% in January, its lowest annual rate in more than three years, following a 0.8% rise in the previous month. Meanwhile, the Bank of Canada (BoC) reported that, the core CPI rose 1.0% (YoY) in January, slower than the increase of 1.1% recorded in the previous month. Separately, Canadian retail sales declined 2.1% (MoM) in December, more than the expected 0.3% decline and compared to a revised 0.3% rise recorded in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.0236, with the USD trading 0.16% higher from Friday’s close.
The pair is expected to find support at 1.0176, and a fall through could take it to the next support level of 1.0116. The pair is expected to find its first resistance at 1.0277, and a rise through could take it to the next resistance level of 1.0318.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
