USDCAD Movement
On Friday, the USD declined 0.07% against the CAD to close at 1.0294. The Canadian Dollar rose against its US counterpart after a report showed that the nation’s consumer price index rose 0.2% (MoM) in September, surpassing analysts’ call for a rise to 0.1% from a level of 0.0% registered in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0293, with the USD trading tad lower from Friday’s close.
The pair is expected to find support at 1.0277, and a fall through could take it to the next support level of 1.0262. The pair is expected to find its first resistance at 1.0306, and a rise through could take it to the next resistance level of 1.0320.
Market participants await Canada’s report on its wholesale sales, amid expectations to register a growth of 0.6% (MoM) in August, compared to a 1.5% rise witnessed in the earlier month.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
