USDCAD Movement
For the 24 hours to 23:00 GMT, the USD advanced 0.31% against the CAD to close at 1.0519. The Canadian Dollar came under pressure after an official report revealed that retail sales in Canada declined 0.6% (MoM) during June, more than the market expectation for a fall of 0.3% and compared to a 1.8% rise registered in the earlier month. Additionally, lingering concerns that the Fed official might start tapering its asset purchase programme later this year also pressurised the Loonie.
In the Asian session, at GMT0300, the pair is trading at 1.0536, with the USD trading 0.16% higher from yesterday’s close.
The pair is expected to find support at 1.0490, and a fall through could take it to the next support level of 1.0443. The pair is expected to find its first resistance at 1.0561, and a rise through could take it to the next resistance level of 1.0585.
Investors await Bank of Canada’s report on the nation’s consumer price index, schedule to release later today.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
