USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.14% against the CAD to close at 1.0271. The Canadian Dollar fell after economic data from Europe and China indicated that the global economic growth is slowing, undermining demand for Canada’s exports.
However, the Loonie pared losses after a report showed that Canada’s retail sales rose more than forecast in February. Canada’s retail sales rose 0.8% (MoM) to C$39.5 billion in February, against the expectations for a 0.3% rise, while retail sales excluding autos advanced 0.7% (MoM) in February.
Yesterday, the Bank of Canada’s outgoing Governor, Mark Carney reiterated in front of the Canadian Parliamentary Committee, that the central bank’s interest rate of 1% is likely appropriate “for a period of time”, citing continued economic slack, a tame inflation outlook and imbalances in housing sector.
In the Asian session, at GMT0300, the pair is trading at 1.0265, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.0247, and a fall through could take it to the next support level of 1.0229. The pair is expected to find its first resistance at 1.0285, and a rise through could take it to the next resistance level of 1.0305.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
