USDCAD Movement
For the 24 hours to 23:00 GMT, the USD fell 0.45% against the CAD to close at 1.0292. The Canadian Dollar rallied against the US Dollar, after economic data showed that retail sales in Canada increased at the fastest pace in three years in May, fuelling speculation the nation’s economy is improving. Additionally, a discouraging manufacturing and house prices data from the US, renewed expectations of Fed continuing with asset purchases in near future, driving down the greenback.
In the Asian session, at GMT0300, the pair is trading at 1.0308, with the USD trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 1.0272, and a fall through could take it to the next support level of 1.0237. The pair is expected to find its first resistance at 1.0347, and a rise through could take it to the next resistance level of 1.0387.
The currency pair is showing convergence with its 20 Hr moving average and is trading below 50 Hr moving average.
