USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.15% against the CAD to close at 1.0311. The Canadian Dollar gave up ground against the USD, amid speculation that the Bank of Canada (BoC), in its monetary policy report on Wednesday, might slash its growth forecast on the nation’s economy.
On the economic front, an official report from Canada showed that wholesale sales in the nation grew 0.5% (MoM) in August, surpassing analysts’ expectation for a 0.3% growth and compared to a 1.7% growth recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.0308, with the USD trading slightly lower from yesterday’s close.
The pair is expected to find support at 1.0292, and a fall through could take it to the next support level of 1.0276. The pair is expected to find its first resistance at 1.0318, and a rise through could take it to the next resistance level of 1.0328.
Later today, Canada is expected to release a report on the nation’s retail sales, which the market expects to grow 0.2% (MoM) in August, following a 0.6% growth witnessed in the earlier month.
The currency pair is trading just above its 20 Hr and 50 Hr moving averages.
