USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.33% against the CAD and closed at 1.3481.
The Canadian Dollar lost ground against the USD, after Canada’s consumer prices rose 1.2% on a yearly basis in November, lower than market expectations for a gain of 1.4%. In the prior month, the consumer price index had risen 1.5%. On the contrary, the nation’s retail sales climbed more-than-expected by 1.1% on a monthly basis in October, rising for the third straight month, against market expectations for an advance of 0.3% and following a revised rise of 0.8% in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.3488, with the USD trading marginally higher against the CAD from yesterday’s close.
The pair is expected to find support at 1.3428, and a fall through could take it to the next support level of 1.3368. The pair is expected to find its first resistance at 1.3534, and a rise through could take it to the next resistance level of 1.358.
Ahead in the day, traders will await the release of Canada’s GDP figures for October, to get better insights into the Canadian economy.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
