USDCAD Movement
On Friday, the USD rose 0.34% against the CAD to close at 1.0138, as a grim consumer sentiment reading and poor retail sales data in the US, Canada’s largest trading partner, took a toll on investor risk appetite.
In the US, the consumer sentiment index retreated to a reading of 72.3 in April, from a final reading of 78.6 reported in the previous month and retail sales dropped 0.4% to $418.3 billion in March, compared to a downwardly revised rise of 1.0% recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0184, with the USD trading 0.45% higher from Friday’s close.
The pair is expected to find support at 1.0122, and a fall through could take it to the next support level of 1.0059. The pair is expected to find its first resistance at 1.0217, and a rise through could take it to the next resistance level of 1.0249.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
