USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.19% against the CAD to close at 1.0892.
In economic news, Canadian retail sales unexpected dropped 0.1% (MoM) to C$41.07 billion in March, following two straight months of gain.
In the Asian session, at GMT0300, the pair is trading at 1.0891, with the USD trading a tad lower from yesterday’s close.
The pair is expected to find support at 1.0872, and a fall through could take it to the next support level of 1.0852. The pair is expected to find its first resistance at 1.0922, and a rise through could take it to the next resistance level of 1.0952.
Traders keenly await the release of Canada’s consumer inflation data, which is widely expected to show that Canada’s annual consumer inflation rate rose to 2.0% in April, from previous month’s level of 1.5%.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
