USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.30% against the CAD to close at 1.3332.
In economic news, Canada’s consumer price index rose as expected by 0.1% MoM in October, after recording a drop of 0.2% in the previous month. However, the nation’s retail sales unexpectedly fell 0.5% MoM in September, recording its first decline in five months, and compared to a 0.5% rise in the previous month. Investors had expected it to increase 0.1%. The fall was mainly attributed to cheaper gasoline prices.
In the Asian session, at GMT0400, the pair is trading at 1.3391, with the USD trading 0.44% higher from Friday’s close.
The pair is expected to find support at 1.3308, and a fall through could take it to the next support level of 1.3225. The pair is expected to find its first resistance at 1.3437, and a rise through could take it to the next resistance level of 1.3482.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
