USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.32% against the CAD and closed at 1.3266 on Friday.
The Canadian Dollar weakened against the US Dollar, after data indicated that Canada’s consumer price index (CPI) climbed less-than-anticipated by 1.3% on an annual basis in May, compared to market expectations for a rise of 1.5%, thus diminishing the odds of an interest rate hike next month. In the previous month, the CPI had advanced 1.6%.
In the Asian session, at GMT0300, the pair is trading at 1.3264, with the USD trading marginally lower against the CAD from Friday’s close.
The pair is expected to find support at 1.3214, and a fall through could take it to the next support level of 1.3164. The pair is expected to find its first resistance at 1.3311, and a rise through could take it to the next resistance level of 1.3358.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
