USDCAD Movement
For the 24 hours to 23:00 GMT, the USD traded marginally lower against the CAD to close at 1.3027. The CAD gained ground, after Canadian retail sales rebounded stronger than expected in May.
Data released showed that retail sales increased 1.0% on a monthly basis in May, compared to market forecasts for a 0.5% gain and after falling 0.1% in the preceding month.
In the Asian session, at GMT0300, the pair is trading at 1.3043, with the USD trading 0.13% higher from yesterday’s close.
The pair is expected to find support at 1.2979, and a fall through could take it to the next support level of 1.2914. The pair is expected to find its first resistance at 1.3077, and a rise through could take it to the next resistance level of 1.3111.
Amid no macroeconomic releases in Canada today, market participants look forward to the release of the nation’s GDP data, scheduled next week.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
