USDCAD Movement
For the 24 hours to 23:00 GMT, USD rose 0.74% against the CAD to close at 0.9906.
In Canada, retail sales declined by 0.2% (M-o-M) to reach $35.5 billion, down from a rise of 1.5% in November. In the US, the Federal Reserve Bank of Richmond’s manufacturing index rose to a reading of 25.0 in February, following a score of 18.0 posted in January.
In the Asian session at 4:00GMT, the pair is trading at 0.9886, 0.20% lower from the New York session close.
The first area of short term resistance is observed at 0.9929, followed by 0.9973 and 1.0069. The first area of support is at 0.9833, with the subsequent supports at 0.9781 and 0.9685.
Trading trends in the pair today are expected to be determined by release of data on corporate profits in Canada.
The currency pair is showing convergence with its 20 Hr moving average and is trading above its 50 Hr moving average.
