USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 1.06% against the CAD and closed at 1.3125 on Friday, amid upbeat economic data.
Macroeconomic data indicated that Canada’s consumer price index advanced 2.5% on an annual basis in June, posting its highest level in six months and compared to a rise of 2.2% in the preceding month. Markets had envisaged the index to rise to 2.3%. Moreover, the nation’s retail sales rebounded to a 7-month high level of 2.0% on a monthly basis in May, overshooting market consensus for a rise of 1.0%. Retail sales had recorded a revised drop of 0.9% in the prior month.
In the Asian session, at GMT0300, the pair is trading at 1.3135, with the USD trading 0.08% higher against the CAD from Friday’s close.
The pair is expected to find support at 1.3073, and a fall through could take it to the next support level of 1.3012. The pair is expected to find its first resistance at 1.3238, and a rise through could take it to the next resistance level of 1.3342.
Amid lack of major economic releases in Canada today, traders would focus on global macroeconomic events for further direction.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
