USDCAD Movement
For the 24 hours to 23:00 GMT, the USD advanced 0.46% against the CAD to close at 1.0396. The Lonnie came under pressure, after the Canada’s biggest export, oil slid amid speculation that the Fed might start tapering its stimulus measures next month. The Canadian Dollar also came under pressure after a report indicated that wholesale sales in Canada slid 2.8% (MoM) during June, way below market expectation for a decrease of 0.7% and compared to a 2.2% gain recorded in the earlier month.
In the Asian session, at GMT0300, the pair is trading at 1.0422, with the USD trading 0.25% higher from yesterday’s close.
The pair is expected to find support at 1.0369, and a fall through could take it to the next support level of 1.0315. The pair is expected to find its first resistance at 1.0451, and a rise through could take it to the next resistance level of 1.0479.
With no key Canadian economic releases in the day ahead, the domestic currency is expected to ride on general market cues against the greenback.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
