USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.46% against the CAD to close at 1.0269. The Loonie declined against the greenback as traders mulled whether the recent gains in the currency, following Fed’s stimulus decision, was overvalued.
In Canada, an official report showed that domestic wholesale sales rose 1.5% (MoM) in July, more than analysts’ expectation for a 1.0% rise and compared to a 3.1% drop seen in the earlier month.
In the Asian session, at GMT0300, the pair is trading at 1.0278, with the USD trading 0.09% higher from yesterday’s close.
The pair is expected to find support at 1.0212, and a fall through could take it to the next support level of 1.0147. The pair is expected to find its first resistance at 1.0312, and a rise through could take it to the next resistance level of 1.0347.
Trading trends in the Canadian Dollar is expected to be determined by domestic consumer price index data, which the market expected to decline 1.1% (YoY) in August from a 1.3% rise seen in the previous month.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
