USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.32% against the CAD and closed at 1.3229 on Friday.
Macroeconomic data showed that Canada’s consumer price index (CPI) climbed to 2.4% on a yearly basis in October, higher than market expectations for an advance of 2.2%. In the previous month, the CPI had registered a rise to 2.2%. Furthermore, the nation’s retail sales unexpectedly advanced by 0.2% on a monthly basis in September, defying market expectations for a flat reading. In the preceding month, retail sales recorded a drop of 0.1%.
In the Asian session, at GMT0400, the pair is trading at 1.3214, with the USD trading 0.11% lower against the CAD from Friday’s close.
The pair is expected to find support at 1.3181, and a fall through could take it to the next support level of 1.3148. The pair is expected to find its first resistance at 1.3253, and a rise through could take it to the next resistance level of 1.3292.
Amid lack of economic releases in Canada today, traders would focus on global macroeconomic events for further direction.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
