USDCAD Movement
On Friday, the USD rose 0.13% against the CAD to close at 1.0457. The Loonie weakened following tepid Canadian CPI and retail sales data.
Canada’s consumer price index (CPI) rose 0.7% in May, less than the expected 0.9% rise. Separately, retail sales rose 0.1% (MoM) to C$39.5 billion in April, lower than the expected 0.2% rise.
In the Asian session, at GMT0300, the pair is trading at 1.0494, with the USD trading 0.35% higher from Friday’s close.
The pair is expected to find support at 1.0402, and a fall through could take it to the next support level of 1.0311. The pair is expected to find its first resistance at 1.0543, and a rise through could take it to the next resistance level of 1.0593.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
