USDCAD Movement
On Friday, the USD rose 0.40% against the CAD to close at 1.2268.
On the macro front, consumer prices in Canada rebounded 0.6% MoM in May, surpassing market expectations for a 0.5% rise and compared to a 0.1% fall registered in April. On the other hand, the nation’s retail sales surprisingly slipped 0.1% on a monthly basis in April, against market expectations of a 0.7% increase. It followed a revised gain of 0.9% recorded in March. The mixed economic data indicated that the nation’s economic recovery in the
second-quarter remained in doubt.
In the Asian session, at GMT0300, the pair is trading at 1.2260, with the USD trading 0.07% lower from Friday’s close.
The pair is expected to find support at 1.2215, and a fall through could take it to the next support level of 1.2171. The pair is expected to find its first resistance at 1.2300, and a rise through could take it to the next resistance level of 1.2341.
With no economic releases in Canada today, investor sentiment would be governed by global macroeconomic news.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
