USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.33% against the CAD to close at 1.0910, as the latter came under pressure after data showed that wholesale sales in Canada unexpectedly declined 0.4% (MoM) in March.
In the Asian session, at GMT0300, the pair is trading at 1.0910, with the USD trading flat from yesterday’s close.
The pair is expected to find support at 1.0880, and a fall through could take it to the next support level of 1.0850. The pair is expected to find its first resistance at 1.0929, and a rise through could take it to the next resistance level of 1.0948.
With no major economic releases from Canada, later today, traders would eye the release of the Fed minutes and a planned speech by the Fed Chief, Janet Yellen, along with other global economic news, for further guidance in the currency pair.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
