USDCAD Movement
On Friday, the USD rose 0.17% against the CAD to close at 1.0538.
On the economic front, Canada’s consumer price index rose 0.7% (YoY) in October, lesser than market expectation for a 0.9% rise and compared to previous month’s level of 1.1%. Also, the Statistics Canada reported that retail sales in the nation rose 1.0% (MoM) in September, way beyond market expectation for a 0.3% rise and compared to a 0.1% increase seen in the earlier month.
In the Asian session, at GMT0400, the pair is trading at 1.0558, with the USD trading 0.19% higher from Friday’s close.
The pair is expected to find support at 1.0529, and a fall through could take it to the next support level of 1.0501. The pair is expected to find its first resistance at 1.0578, and a rise through could take it to the next resistance level of 1.0599.
In the absence of any domestic economic releases, the pair would seek guidance from the global economic news.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
