USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.13% against the CAD and closed at 1.3437.
In economic news, data revealed that Canada’s retail sales climbed by 0.6% MoM in September, meeting market expectations, recording its biggest gain since April 2016, thus indicating that the nation’s economy is regaining momentum in the third quarter. Retail sales recorded a revised rise of 0.1% in the prior month.
In the Asian session, at GMT0400, the pair is trading at 1.3437, with the USD trading flat against the CAD from yesterday’s close.
The pair is expected to find support at 1.3385, and a fall through could take it to the next support level of 1.3333. The pair is expected to find its first resistance at 1.3478, and a rise through could take it to the next resistance level of 1.3519.
The currency pair is showing convergence with its 20 Hr moving average and trading above its 50 Hr moving average.
