USDCAD Movement
On Friday, the USD rose 0.42% against the CAD to close at 1.3219.
In economic news, Canada’s consumer price inflation remained unchanged on a monthly basis in August, compared to a 0.1% rise recorded in the previous month.
In the Asian session, at GMT0300, the pair is trading at 1.3213, with the USD trading marginally lower from Friday’s close.
The pair is expected to find support at 1.3071, and a fall through could take it to the next support level of 1.2930. The pair is expected to find its first resistance at 1.3293, and a rise through could take it to the next resistance level of 1.3373.
Going forward, the BoC Governor, Stephen Poloz’s speech, scheduled later today would grab lot of market attention. Additionally, investors would also concentrate on Canada’s retail sales data, scheduled later in this week, to get better insights in the Canadian economy.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
