USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.47% against the CAD to close at 1.3856.
In economic news, the Canadian economy remained stagnant in October, compared to expectations of a 0.2% growth, raising expectations that the BoC could be eyeing another interest rate cut. This follows a contraction of 0.5% in the previous month.
Other economic data revealed that retail sales in the nation rebounded 0.1% on a monthly basis in October, lower than market forecasts for an increase of 0.4%. It had fallen 0.5% in the previous month.
In the Asian session, at GMT0400, the pair is trading at 1.3852, with the USD trading marginally lower from yesterday’s close.
The pair is expected to find support at 1.3812, and a fall through could take it to the next support level of 1.3771. The pair is expected to find its first resistance at 1.3917, and a rise through could take it to the next resistance level of 1.3981.
Amid no economic releases in Canada today, investor sentiment would be governed by global macroeconomic news.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
