USDCAD Movement
For the 24 hours to 23:00 GMT, the USD declined 0.40% against the CAD to close at 1.2672. The Canadian dollar gained ground after the release of upbeat economic data.
Data showed that Canada’s retail sales surprisingly advanced 0.4% MoM in February, mainly led by a rise in the motor vehicle component. Investors had expected it to decline by 0.8%, following a rise of 2.1% in the previous month. Additionally, the nation’s consumer price index (CPI) rose more-than-expected by 1.3% MoM in March, signalling that the economy has started showing new signs of life, following a 0.2% advance in the previous month. Market expectation was for a rise of 0.5%.
In the Asian session, at GMT0300, the pair is trading at 1.2687, with the USD trading 0.12% higher from Friday’s close.
The pair is expected to find support at 1.2620, and a fall through could take it to the next support level of 1.2552. The pair is expected to find its first resistance at 1.2757, and a rise through could take it to the next resistance level of 1.2828.
Amid no economic releases in Canada today, investors will look forward a speech by the BoC Governor, Stephen Poloz, scheduled to be delivered tomorrow.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
