USDCAD Movement
For the 24 hours to 23:00 GMT, the USD rose 0.14% against the CAD and closed at 1.3210 on Friday.
Data showed that Canada’s retail sales advanced 0.1% on a monthly basis in April, undershooting market consensus for a rise of 0.2%. In the prior month, retail sales had recorded a revised climb of 1.3%.
In the Asian session, at GMT0300, the pair is trading at 1.3192, with the USD trading 0.14% lower against the CAD from Friday’s close.
The pair is expected to find support at 1.3162, and a fall through could take it to the next support level of 1.3132. The pair is expected to find its first resistance at 1.3226, and a rise through could take it to the next resistance level of 1.3260.
Amid lack of economic releases in Canada today, traders would focus on global macroeconomic events for further direction.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
